Income Statement
Which financial statement shows the total revenues and expenditures for the month, quarter, or fiscal year?
Income Statement
Its
... [Show More] purpose is to demonstrate profitability of the agency or cost center
Excise Tax
Hotel-motel taxes, rental car taxes, and "sin" taxes are considered what type of tax?
A $10 replacement basketball net
Which of the following purchases is most likely to be made with petty cash?
Budget Object
In the following example what is "salaries, regular":
1100 Salaries, regular
01 Administration
02 Recreation
03 Golf
04 Operations
1000
Tax rates are sometimes expressed in mills. How many mills is $1?
Blanket Purchase Order
The maintenance foreman in charge of plumbing regularly purchases plumbing supplies at the local hardware store. These purchases are made at least three days per week. What is the best way to purchase items in this situation?
Budget Classification
In the following example, what is "1,000: Services: Personnel" considered?
1000: Services: Personnel
1100 Salaries, regular
01 Administration
02 Recreation
03 Golf
04 Operations
Daily
Room counts should be conducted how often in a busy facility?
Balance Sheet
Which financial statement depicts assets, liabilities and equity? It is a summary of what the agency owes and what it owns outright.
P-Cards have a rolling monthly balance
Which statement is false regarding a P-Card?
Standard Purchase Order
One time delivery for a specific good or service. When the goods or services delivered are paid in full, the order in complete
Budget Statements
A report of allocated and expended monies.
Cash Flow Statement
Depicts whether cash flow is positive or negative. Shows money coming into and and going out of the agency on a monthly basis
Project or Program Reports
Once programs or projects are complete, a report is developed that outlines the financial status
Break Even Analysis
A financial analysis technique that can be used to determine sources and amounts of revenue necessary for various participation levels.
Indirect Fixed Costs
AKA Overhead costs - Admin expenses, utilities, maintenance, debt payments, etc. The costs are incurred by the agency and are necessary for operation, but they are not directly traceable to a specific program.
Revenues
Money coming into the organization
Expenditures
A disbursement, expense, or cost related to doing business.
Budget Format
The line item based object classification
Object
The item of financial cost such as personnel, supplies, and equipment
Classification
Refers to the uniform method of grouping like items together
1000: Services: Personnel
Cost Control Center
Any organizational unit that is administered by a staff person who is responsible for the activities of that unit, including its budget. Financially, it is a unit in which all financial transactions are organized separately.
Object Classification Budget
01-04 is what?
1000: Services: Personnel
1100 Salaries, regular
01 Administration
02 Recreation
03 Golf
04 Operations
Compulsory Income
A significant portion of the revenue used to support public parks and recreation organizations is generated from _____, or taxes?
Real Property Taxes
A majority of revenue from taxes comes from ____? This is a tax assessed on land and anything that is built or growing on it.
Mills
Tax rates can be expressed in terms of ___?
Personal Property Taxes
These are allowed in 41 states and tax household and business tangible property such as cars and furniture and intangible property such as stocks and bonds.
Sales Tax
Assessed on the sale of many tangible goods
Income Tax
Assessed on income earned in some states [Show Less]