CPRP Exam updated 2022

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Financial Management -CORRECT ANSWER = the overall coordination of financial resources. = ultimate responsibility within an agency is with the CEO and Board but is shared with other employees A. ... 01 Purchase Supplies, Equipment, and Services for Program Activities -CORRECT ANSWER = when authorized, staff members may buy goods directly using established agency procedures and forms. 1. Purchase Orders 2. P-Card 3. Credit Card 4. Petty Cash Requisition -CORRECT ANSWER = employee has asked for approval to buy something Purchase Order -CORRECT ANSWER = an agreement that the agency will pay for goods and services ordered. 2 Types of Purchase Orders -CORRECT ANSWER 1. Blanket Purchase Orders 2. Standard Purchase Orders Blanket Purchase Orders -CORRECT ANSWER = used to consolidate small, continuous purchases. = an account that is billed once a month = often used by MAINTENANCE at hardware or supply stores. = items bought regularly, this is more efficient method to purchase them. Standard Purchase Orders -CORRECT ANSWER = one time delivery for a specific good or service. = usually require authorization by the chief executive office or designee. = when the good/services delivered are paid in full the order is complete. P-Card -CORRECT ANSWER = Purchasing card = works like a personal credit card Credit Card -CORRECT ANSWER = Main difference between a P-card and credit card is billing = Credit card can carry over a balance where as a P-card must be paid in full at the end of every month. = Monthly use fees are typically higher for CC's than PC's Petty Cash -CORRECT ANSWER = Actual cash kept on hand for small purchases that do not warrant a purchase order and the use of other methods of payment = Requires form to obtain the cash and receipts for the purchase made. A. 02 Operate within an Existing Budget -CORRECT ANSWER Income Statements -CORRECT ANSWER = Demonstrate profitability of the facility or cost center during a period of time such as: month, quarter, or fiscal year. = Revenues, expenses, and net income Budget Statements -CORRECT ANSWER = A report of allocated and expended monies. Allocated Monies -CORRECT ANSWER = The amount of money budgeted and approved by the governing body. Expended Monies -CORRECT ANSWER = The dollars that have been spent to date. Cash Flow Statements -CORRECT ANSWER = Also examines revenues and expenditures, but cash flow statements depict whether cash flow is positive or negative. = shown on a monthly basis * important for seasonal programs. Balance Sheet -CORRECT ANSW [Show More]

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