Budget and Financial Management Flashcards
7 cards from real PCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Budget and Financial Management flashcards as text
A principal notices that a budget line item is being depleted faster than expected and will be exhausted before year-end. The BEST immediate action is to:
Answer: Analyze spending patterns and implement cost controls immediately
Analyzing spending patterns and implementing controls is the proactive and responsible first step before seeking additional funds or amendments.
The 'supplement not supplant' rule in federal education funding requires that:
Answer: Federal funds must add to, not replace, existing state and local funding
Supplement not supplant requires that federal funds provide additional educational services rather than replacing the services already funded by state or local dollars.
A principal is developing a budget proposal for a new STEM laboratory. Which approach BEST demonstrates sound fiscal planning?
Answer: Conducting a needs assessment and obtaining vendor quotes for accurate cost estimates
Conducting a needs assessment and obtaining accurate vendor quotes provides evidence-based justification and realistic cost projections for the budget request.
Which of the following expenditures would be MOST appropriate for a school's professional development budget?
Answer: Paying for a teacher to attend a curriculum alignment workshop
Professional development funds are designated for activities that directly improve educator knowledge and instructional skills, such as workshops and training conferences.
When a principal suspects financial fraud in school transactions, the FIRST appropriate step is to:
Answer: Report the concern through proper channels, such as to the district's internal auditor or superintendent
Suspected fraud must be reported immediately through proper institutional channels so that qualified investigators can handle the matter correctly and legally.
Per-pupil expenditure (PPE) is PRIMARILY used by educational leaders to:
Answer: Compare resource allocation efficiency across schools and districts
Per-pupil expenditure is a key equity and efficiency metric that allows comparison of how resources are distributed and utilized across different schools and districts.
A grant that requires the recipient school to contribute a portion of the project cost from non-federal funds is known as a:
Answer: Matching grant
A matching grant requires the recipient to contribute a specified amount of local or state funds alongside the grant award to leverage federal investment.