School Finance Final Exam Questions
and Answers
Fund balance - Answer-total left if the liabilities are paid off through the liquidation of the assets
Assets - Answer-A resource with economic value that an individual, corporation or country owns with
the expectation that it will provide future benefits.
Revenue - Answer-Money that is received directly or indirectly from a tax levy. Money received;
income. The income received by government from taxes and other nontax sources.
Encumbrance - Answer-to be set aside, assigned money that has been put sided to use a later time
Liabilities - Answer-Money owed; debt.
Fiduciary receipts - Answer-when a school district holds money as a fiduciary (trust), it ensures the
money will be held for the original purpose.
When school districts receive donations and gifts, they become a fiduciary
money that received as donation or trust
Authorization signature - Answer-a person that actually authorizes the PO or the account
, Approval signature - Answer-principal's signature
Suspect Classification - Answer-is a judiciary concept invoked when there is an issue of possible
deprivation or equal protection to individuals based on race, geographic location, or economic status
Cafeteria plan (cafeteria style benefits) - Answer-is a flexible benefits plan that allows employees to
choose after the required of retirement and social security
Transmittal forms - Answer-these are forms that are used to turn in monies to the bookkeeper
benefits concept - Answer-retirement, social security, sick leave, personal leave, leave of absence,
bereavement leave, insurance, workers' compensation, tax shelters, severance pay, income tax
deductions
Bond anticipatory note (BAN) - Answer-Short-term loan to be paid from future bonds
Income - Answer-money received from sale of goods and services
Purchase order - Answer-presents a proposed business transaction
Revenue anticipatory note (RAN) - Answer-Short-term loan to be paid from future rev. Fund
Salary - Answer-fixed amount given to employees (Week, monthly, year - salary)
Tax anticipatory note (TAN) - Answer-Short-term loan to be paid from future taxes
and Answers
Fund balance - Answer-total left if the liabilities are paid off through the liquidation of the assets
Assets - Answer-A resource with economic value that an individual, corporation or country owns with
the expectation that it will provide future benefits.
Revenue - Answer-Money that is received directly or indirectly from a tax levy. Money received;
income. The income received by government from taxes and other nontax sources.
Encumbrance - Answer-to be set aside, assigned money that has been put sided to use a later time
Liabilities - Answer-Money owed; debt.
Fiduciary receipts - Answer-when a school district holds money as a fiduciary (trust), it ensures the
money will be held for the original purpose.
When school districts receive donations and gifts, they become a fiduciary
money that received as donation or trust
Authorization signature - Answer-a person that actually authorizes the PO or the account
, Approval signature - Answer-principal's signature
Suspect Classification - Answer-is a judiciary concept invoked when there is an issue of possible
deprivation or equal protection to individuals based on race, geographic location, or economic status
Cafeteria plan (cafeteria style benefits) - Answer-is a flexible benefits plan that allows employees to
choose after the required of retirement and social security
Transmittal forms - Answer-these are forms that are used to turn in monies to the bookkeeper
benefits concept - Answer-retirement, social security, sick leave, personal leave, leave of absence,
bereavement leave, insurance, workers' compensation, tax shelters, severance pay, income tax
deductions
Bond anticipatory note (BAN) - Answer-Short-term loan to be paid from future bonds
Income - Answer-money received from sale of goods and services
Purchase order - Answer-presents a proposed business transaction
Revenue anticipatory note (RAN) - Answer-Short-term loan to be paid from future rev. Fund
Salary - Answer-fixed amount given to employees (Week, monthly, year - salary)
Tax anticipatory note (TAN) - Answer-Short-term loan to be paid from future taxes
