Session 3_SK Budget (Quiz)

The _____ is in charge of the recording and monitoring of SK budget transactions in the respective registries.

• SK Chairperson

• SK Treasurer

• Barangay Chairperson

• Budget Monitoring Officer

Answer explanation

The Budget Monitoring Officer (BMO) is responsible in the recording and monitoring of SK Budget transactions in the respective registries. The SK Chairperson with the concurrence of the majority of the SK members shall designate a BMO, which shall come from the SK Officials except the SK Treasurer.

The _____ is a financial plan embodying the estimate of receipts and payments for one fiscal year operation of the SK, approved by the SK through an SK Resolution before the start of the succeeding fiscal year, and should be consistent with the CBYDP and Program ABYIP.

• Approved Budget

• Annual Budget

• Supplemental Budget

• None of the above

Answer explanation

The Annual Budget is a financial plan embodying the estimate of receipts and payments for one fiscal year operation of the SK. The SK proposed budget shall be approved BEFORE the start of the succeeding fiscal year through an SK Resolution with a majority vote of the SK members present during the session called for the purpose.

RBCPB stands for Registry of B_____, C_____, Payments and B_____.

• Balances, Collections, and Balances

• Balances, Commitments, and Budget

• Budget, Collections, and Balances

• Budget, Commitments, and Balances

Answer explanation

RBCPB stands for Registry of Budget, Commitments, Payments, and Balances.

The _____ is where the SK Records and monitors the funds received for a specific purpose.

• RSPCPB

• RBCPB

• RSPFCPB

• RCBPB

Answer explanation

The RSPFCPB is the registry where funds received for a specific purpose is recorded and monitored. A separate registry of the RBCPB is used when recording and monitoring approved budget.

All SK Funds shall be allocated in an annual budget, and if the funds allow, in a supplemental budget in accordance with the adopted _____.

• ABYIP

• CBYDP

• LYDP

• PYDP

Answer explanation

ABYIP is the yearly program based on the CBYDP. It shall contain the specific PPA with corresponding project cost including the reasonable timing in the release of the funds. It is where the annual budget was anchored.