SLLA School Finance and Resource Management 2

Question 1

What is the primary role of an internal auditor in a school district?

Accepted Answer

To review financial transactions for compliance and accuracy

Answer

To set the annual operating budget

Answer

To approve all expenditures over a set threshold

Answer

To manage payroll processing for all staff

Question 2

Title I funds under ESSA are primarily targeted to serve which student population?

Accepted Answer

Students from low-income families in high-poverty schools

Answer

Students identified as gifted and talented

Answer

English language learners exclusively

Answer

Students with documented disabilities only

Question 3

What does 'fiscal year' typically refer to in public school budgeting?

Accepted Answer

A 12-month financial period that may differ from the calendar year

Answer

The calendar year from January 1 to December 31

Answer

The academic year running from September to June

Answer

A quarterly financial reporting period

Question 4

A school's budget shows a 'structural deficit.' What does this indicate?

Accepted Answer

Recurring expenditures consistently exceed recurring revenues

Answer

The school building has critical deferred maintenance funding gaps

Answer

The school has borrowed funds beyond allowable limits

Answer

Capital improvement reserves are fully depleted

Question 5

What is the function of a 'budget amendment' in school finance?

Accepted Answer

To officially modify an adopted budget during the fiscal year

Answer

To formally approve the initial annual budget

Answer

To audit all expenditures at the end of the fiscal year

Answer

To submit a request for additional state emergency funding

Question 6

Under Generally Accepted Accounting Principles (GAAP), governmental school entities typically use which basis of accounting?

Accepted Answer

Modified accrual basis accounting

Answer

Cash basis accounting

Answer

Full accrual basis accounting

Answer

Single-entry bookkeeping basis

Question 7

Which principle in school finance requires that expenditures be supported by proper documentation and authorization?

Accepted Answer

Internal controls principle

Answer

Equity principle

Answer

Adequacy principle

Answer

Fungibility principle