D023 WGU Exam Questions with Correct Answers 100% Verified By Experts| Latest Update
Guaranteed Success
Budget A projection of anticipated application of resources
Liabilities any obligation to pay; a liability of the school is the cost of conducting the business
of schooling. Typical liabilities of the school include teacher salaries/ benefits, supplies,
reoccurring facility expenses, etc.
Assets any resource of value possess; an asset of the school is a possession of the school.
this can include the school building, furniture, school property, as well as fundraised or donated
funds.
Expenditures Spending of resources
Revenues Income; All revenues streams are considered assets
Fund Financial Statement Set of financial reports that detail the financial position and
performance of specific funds within an organization, particularly those that operate under a
fund accounting system.
Balance Sheet a snapshot in time of the current status of the organizations fiscal condition
Budgetary process Planning, receiving funds, spending funds, evaluating funds
Liabilities A liability of the school is the cost of conducting the business of schooling. Typical
liabilities of the school include teacher salaries/benefits, supplies, reoccurring facility expenses,
etc. Liabilities are expenses.
Assets The financial resources and property a school or district owns or controls that have
monetary value.
, Line-Item Budgeting Most common. Based on the previous budget and adjusted for new
conditions. Is not focused on outcomes but is the more simplistic means of budgeting.
Performance Budgeting Focused on desired outcomes by focusing on programs and
activities rather than broader organizational goals.
Program and Planning Budget System Focused on long-range goals and less focused on the
immediate. Much more common at the district level in strategic planning.
Zero-Balanced Budgeting Every expenditure must be justified. The budget is not driven by
"last years budget." Each PO item must be justified for approval. No departmental or team
budgets.
Site-Based Budgeting Decentralized process. All needs and resources of the school are in the
control of the school. Typically large ticket items (capital projects, utility bills, etc.) remain with
district but all other expenditures are site budgeted.
Outcome-Focused Budgeting Focused on accountability. The allocation of funds is tied to
the outcomes and achievement of goals.
TQM Budgeting Total Quality Management. Aligns with district level strategic planning.
Collaborative process to determine a shared vision of what "total quality" will be defined as and
then budgeting to support the achievement of such through managing resources.
Best Practices in School Budgeting The established procedures and strategies that help
school districts and their leaders effectively allocate financial resources to support student
achievement and educational goals.
Activity Funds Monies raised through student fees, fundraising, or other activities to support
co-curricular and extracurricular programs.
Guaranteed Success
Budget A projection of anticipated application of resources
Liabilities any obligation to pay; a liability of the school is the cost of conducting the business
of schooling. Typical liabilities of the school include teacher salaries/ benefits, supplies,
reoccurring facility expenses, etc.
Assets any resource of value possess; an asset of the school is a possession of the school.
this can include the school building, furniture, school property, as well as fundraised or donated
funds.
Expenditures Spending of resources
Revenues Income; All revenues streams are considered assets
Fund Financial Statement Set of financial reports that detail the financial position and
performance of specific funds within an organization, particularly those that operate under a
fund accounting system.
Balance Sheet a snapshot in time of the current status of the organizations fiscal condition
Budgetary process Planning, receiving funds, spending funds, evaluating funds
Liabilities A liability of the school is the cost of conducting the business of schooling. Typical
liabilities of the school include teacher salaries/benefits, supplies, reoccurring facility expenses,
etc. Liabilities are expenses.
Assets The financial resources and property a school or district owns or controls that have
monetary value.
, Line-Item Budgeting Most common. Based on the previous budget and adjusted for new
conditions. Is not focused on outcomes but is the more simplistic means of budgeting.
Performance Budgeting Focused on desired outcomes by focusing on programs and
activities rather than broader organizational goals.
Program and Planning Budget System Focused on long-range goals and less focused on the
immediate. Much more common at the district level in strategic planning.
Zero-Balanced Budgeting Every expenditure must be justified. The budget is not driven by
"last years budget." Each PO item must be justified for approval. No departmental or team
budgets.
Site-Based Budgeting Decentralized process. All needs and resources of the school are in the
control of the school. Typically large ticket items (capital projects, utility bills, etc.) remain with
district but all other expenditures are site budgeted.
Outcome-Focused Budgeting Focused on accountability. The allocation of funds is tied to
the outcomes and achievement of goals.
TQM Budgeting Total Quality Management. Aligns with district level strategic planning.
Collaborative process to determine a shared vision of what "total quality" will be defined as and
then budgeting to support the achievement of such through managing resources.
Best Practices in School Budgeting The established procedures and strategies that help
school districts and their leaders effectively allocate financial resources to support student
achievement and educational goals.
Activity Funds Monies raised through student fees, fundraising, or other activities to support
co-curricular and extracurricular programs.
