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

Internal auditors review financial operations to ensure compliance with regulations, accuracy of financial records, and proper use of public funds.

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

Title I funds target schools with high concentrations of students from low-income families to close achievement gaps and support academic success.

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

A fiscal year is any 12-month budgeting period; many school districts operate on a July 1–June 30 fiscal year, not the calendar year.

Question 4

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

Accepted Answer

Recurring expenditures consistently exceed recurring revenues

Answer

A structural deficit occurs when ongoing operational expenses consistently exceed stable revenue sources, indicating a long-term financial imbalance.

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

A budget amendment is the official process to revise an approved budget to reflect changed circumstances, unexpected expenses, or shifting priorities during the year.

SLLA Test Practice Test

SLLA Test Practice Test

SLLA School Finance and Resource Management 2