CASBO Exam 01

Which ONE of the following statements about the Local Control Funding Formula (LCFF) is TRUE?

• LCFF Funds may be used only for “core” educational purposes

• LCFF Funds are “unrestricted” and may be used for any purpose.

• Under LCFF, districts receive the same amount of funding for each student.

• LCFF made the school finance system more complex.

If a student IEP requires the door to door transportation, but the district doesn’t operate the transportation system. The district doesn’t have to provide the service.

• True

• False

Is the statement TRUE or FALSE? The district is qualified certification when they may not complete the year with a positive fund or cash balance; financial indicators require scrutiny/modest intervention.

• True

• False

All the following are forms of debt except ______.

• a. Vendor Financing

• b. Interfund Borrowing

• c. Direct loans

• d. Public issued debt

• e. Equipment lease purchases

How many steps in the process for risk management?

• 5

• 4

• 3

• 6

What's the order of the Risk Management process?

• identification, analysis, control, administration, finance

• analysis, identification, control, finance, administration

• identification, analysis, control, finance, administration

• analysis, identification, control, administration, finance

Which of the following is not a contract

• Letter of Intent

• Memorandum of Understanding

• Purchase order

• Voucher

• Term Sheet

What the three main elements of a legally binding contract?

• A. Offer

• B. Acceptance

• C. Consideration

• D. Money

• E. A, B, and C

Pursuant to Ed Code 35031, a term of contract for Superintendent may on exceed?

• 3 years

• 4 years

• 5 Years

• 6 years

What is a budget

• a) Guiding financial plan for meeting Board’s goals and objectives for the year

• b) Living, changing document...continuous cycle

• c) Total estimated revenues & maximum expenditures authorized by the Board

• d) All of the above