Term
| Someone placed in charge of any kind of property in whom others-the public, on school's case-have placed tryst, so much so that one's personal repuation and professional livelihood are dependent on public confidence and support in wise use and conservatorship, is definded as |
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Definition
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Term
| What are the siz duties of persons with fiduciary responibilites according to Thompson and Wood? |
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Definition
| Planning, Decision Making, Organizing, Directing, Controlling Evaluating |
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Term
| For accounting and accountability purposes what are the the three broad categories within an overarching fund structure? |
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Definition
| Governmental Funds, Propietary Funds, Fiduciary Funds |
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Term
| Governmental Funds make up most of the various funds in educational organizaitons. What are the four types of funds most districts operate? |
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Definition
| General Fund, Special Revenue Fund, Capital Project Funds, Debt Service Funds |
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Term
| Give on example of a Propietary Fund. |
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Definition
| Enterprise Fund, Internal Service Funds |
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Term
| Give one example of a Fiduciary Fund. |
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Definition
| Trust Funds, Agency Funds |
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Term
| We need to consider a district's fiscal affairs as a two dimensional plane. What are those dimensions? Name both. |
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Definition
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Term
| Three sources apply to school budgeting and accounting. Name one. |
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Definition
| Local and intermediate sources, State Sources, Federal Sources |
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Term
| Generall, five classifications of accounts are established within a given fund. Identify one of them. |
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Definition
| Expense, Income, Asset, Liability Net Worth or Fund Balance Accounts |
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Term
| Formal examiniation of financial records ina district by a qualified outsider to verify accuracy of legal compliance is called a... |
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Definition
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Term
| Accounting and accountability...The right way to do business requires three things. Name one |
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Definition
| Strong internal acounting procedures, including seperation of duties; Competent employees with sufficietn time to do their work; Extensive documentation |
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Term
| What are the five purposes of accounting according to Thompson and Wood. Identify one. |
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Definition
| To set up a procedure by which all fiscal activities in a distrct can be accumulated, categorized, reported and controlled; To judge progress towoards goals; To provide evidence to the state that schools are fulfilling their statutory educational responsibility; Budget preparation; To ensure proper handling of money and to guard against misuse of public trust |
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Term
| Considering ther percent of school finance, what is the mix of revenues from highest to lowest: |
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Definition
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Term
| For the first 125 years of nationhood income tazed were not favored mechanisms of raising revenue? What was the mechanism? |
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Definition
| Tariffs and customs taxes |
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Term
| What are some examples of programs that were aided by the U. S. Congress that have lead to our current federal engagement in K-12 education? |
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Definition
| Special Education; Desegreation; Civil Rights Legislation; School Lunch Programs; and Vocational Programs |
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Term
| Currently local tax systems are based mostly on |
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Definition
| Property (Real Estate) Tax |
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Term
| Assuming no equalization program is in place, school districts are the same size, what two factors most infleunce tax revenue capacity from property taxes? |
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Definition
| Property Assessment and Tax Rate |
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Term
| Why is education a state responsibility? |
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Definition
| 10th Amendment in Constitution states "The powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people." |
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Term
| Who was responsibile for initiating interest in state ais schemes through the concept of "educational equity"? |
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Definition
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Term
| What is defined as a sum of money paid to districts without conern for a local share or local capacity to pay? |
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Definition
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Term
| What fudning mechanism is designed to bring expenditure levels in rich and poor districts closer to together? |
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Definition
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Term
| Identify the concet designed to be politically and factually effective in that equality is met by initial expenditure and tax rate uniformity. This schme remains the most popular type of aid formula. |
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Definition
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Term
| What event did the authors identify as significant in the current anti-tax, antigovernment sentiment that has been building n our country for decades? |
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Definition
| Proposition 12/Property Tax Rollback in California |
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Term
| What popular concept recognizes that different costs may arise due to the economy or disecomony ofscale and also considers the market place? For example, higher costs may stem from the price of urban life. |
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Definition
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Term
| What state has adopted a full funding scheme of financing schools? |
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Definition
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