School Finance Quiz

William, Noah, and Aiden are part of the school's finance committee. They are discussing the purpose of the General Fund. What is the purpose of this fund?

• To account for all money used for the general operation of the school

• To account for all money used for student activity funds

• To account for all money used for school nutrition

• To account for all money used for debt service

Nora, Mason, and Abigail are part of a school club. They have access to three types of funds for their activities. Which fund is restricted for their club's specific purpose?

• General Fund

• School Nutrition Fund

• Restricted Fund

• District Level Budget

Abigail, Avery, and Arjun are part of the student council at their school. They are curious about the approval process of the District Level Budget. Who would typically approve this budget?

• Board of Education

• City or County

• Governmental Accounting Standards Board

• School Principals

Luna, Charlotte, and Samuel are part of the student council. They are discussing the responsibility of the Board of Education regarding District Funds. What is the primary responsibility they should be aware of?

• To account for all money received and accounted for at the individual school level

• To approve the School Level Budget

• To follow Generally Accepted Accounting Principles

• To oversee the overall budget of the school district

Liam, Henry, and Olivia are members of the school district's budget committee. They are discussing the major considerations for determining revenues in the District Level Budget. What factors are they likely to consider?

• Enrollment numbers, local option sales tax revenues, and property tax revenues

• Budget requests, retiree's benefits, and increases in health/dental insurance

• Debt payments, collaborative conferencing, and technology

• Long range plans, step increase costs, and utilities

Kai, Elijah, and David are members of the school's student council. They are discussing the recommended use of their council's Fund Balance. What should they primarily consider?

• To cover recurring expenses such as salaries and benefits for student council staff

• To fund long-term capital projects for the school

• To maintain at least 2 months of operations for the student council

• To request additional funding from the City/County for student council activities

Nora, Benjamin, and Maya are part of the school's budget committee. They are discussing the purpose of the School Level Budget. What is it?

• To account for all money used for the general operation of the school

• To account for all money used for student activity funds

• To account for all money used for school nutrition

• To account for all money used for debt service

Mason, Noah, and William are part of the student council in their city. They are trying to understand the role of the City/County in their school district's budget. What is it?

• To approve the budget submitted by the Board of Education

• To provide funding for the school district

• To set the budget calendar and deadlines

• To determine the appropriateness of expenditures

Charlotte, Liam, and Noah are part of the school's finance committee. They are discussing the purpose of the Restricted Fund. What is the primary purpose of this fund?

• To account for all money used for the general operation of the school

• To account for all money used for student activity funds

• To account for all money used for school nutrition

• To account for all money used for debt service

Aiden, Anika, and Abigail are members of the school's student council. They are discussing the recommended use of the Fund Balance they have collected from various school events. What should they ideally use it for?

• To cover recurring expenses such as salaries and benefits for the school staff

• To fund long-term capital projects like building a new library or science lab

• To maintain at least 2 months of operations for the student council's activities

• To request additional funding from the City/County for school development