M42_Mystery Review Game

Let's Review

Review the budget process and related terminology.

Multiple Choice

Our budget process happens in four main stages. The first stage in this process is to ______ a fiscal year plan.

• Develop

• Communicate

• Implement

• Evaluate

Multiple Choice

The internal budget 

• is a document that allocates the university's external budget (resources) to senior management level divisions

• • is the funding relationship between Virginia Tech and the Commonwealth of Virginia

• is state funding generated by taxes; a major funding source for higher education

Multiple Choice

The six-digit code in Banner that holds the financial and payroll transactions

• • Spending

•  Receivables

• Fund Code

Multiple Choice

Where did the funding for the Auxiliary Enterprise originate?

• These enterprises are financially self-supporting.

• These enterprises are funded by tuition revenue.

• These enterprises are funding by the state E&G budget.

• The funding for Auxiliaries comes from Federal 229 funds.

Multiple Choice

A Service Center provides goods and services that are unique, convenient, and not readily available from external sources. This includes Auxiliary Enterprises.

• True

• False

MicroStrategy Review

FIN L7 - Account Code

An Account Code is a specific way of identifying revenues and expenses; identifies the type of good or service in Banner Finance.

Examples:

• 118GRA Graduate Assistant Wages

• 14210 Graduate Scholarship & Fellowships

FIN L5 - Fund Class

A Fund Class provides a four digit code and the type of fund associated.

Examples:

• 1000 - 208 E&G Operating Funds

• 1300 - Returned Overhead Funds

FIN Transaction Description

The Transaction Description provides a brief description of the transaction.

Examples:

• Deans GRA Stipend Allocation

• PIBB Operating Allocations

FIN Budget Minor Fund

The reporting object FIN Budget Minor Fund is a five digit code associated with a type of funding.

Examples:

• 02020 - 229 Federal AES

• 01010 - 208 E&G

Grant Code

A Grant Code the six-digit code in Banner that holds information about the grant.

Examples:

• 423567 - which is associated with a grant related to Spacecraft Simulation

Multiple Choice

Which option is an example of the reporting object FIN Budget Minor Fund?

• 1000/ 208 E&G

• Deans GRA Stipend Allocation

• 02020 - 229 Federal AES

• COVID - COVID 19 Expenditures

Multiple Choice

Which option is an example of the reporting object FIN L5 - Fund Class?

• 1000/ 208 E&G

• Deans GRA Stipend Allocation

• 02020 - 229 Federal AES

• COVID - COVID 19 Expenditures