Financial And Service Forms Review

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| By SLD2013

SLD2013

Community Contributor

Quizzes Created: 1 | Total Attempts: 202

Questions: 6 | Attempts: 202 | Updated: Mar 21, 2023

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Questions and Answers

1.

A Direct Payment Voucher (DPV) is used to pay individuals ...
- A.
  
  $1-499.99 (under $500)
- B.
  
  $500-999.99 (under $1,000)
- C.
  
  $1,000 and up
- D.
  
  A DPV is only used to pay companies
Correct Answer
A. $1-499.99 (under $500)

Explanation
A Direct Payment Voucher (DPV) is used to pay individuals for amounts ranging from $1 to $499.99 (under $500). It is not used for payments exceeding $500. The given answer implies that DPV is specifically designed for smaller payments to individuals, and not for larger amounts or payments to companies.

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2.

A requisition is use to pay ...
- A.
  
  Individuals $499.99 or more
- B.
  
  Businesses and companies (or individuals $500 or more)
- C.
  
  Businesses and companies only
Correct Answer
B. Businesses and companies (or individuals $500 or more)

Explanation
A requisition is a formal request for the purchase of goods or services. In this context, it is used to pay businesses and companies, or individuals who are owed $500 or more. This means that if the amount owed is less than $500, individuals will not be paid using a requisition. Therefore, the correct answer is businesses and companies (or individuals $500 or more).

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3.

Students are permitted to sign contracts on behalf of the university.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Under no circumstance is a student permitted to sign a contract.

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4.

In order to receive a reimbursement, you must receive written approval from Director Veronica Rodriguez, Associate Director Barbara Cosentino, or Coordinator Kristina Garcia PRIOR to purchasing items.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
To receive a reimbursement, it is necessary to obtain written approval from either Director Veronica Rodriguez, Associate Director Barbara Cosentino, or Coordinator Kristina Garcia before making any purchases. This implies that without prior approval from any of these individuals, reimbursement will not be granted. Therefore, the statement is true.

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5.

A service agreement is not required to pay a vendor for services.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
False. A service agreement is REQUIRED to compensate a vendor. Failure to complete a service agreement can greatly delay the financial process.

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6.

Who must provide a valid signature on an invoice?
- A.
  
  The performer/vendor
- B.
  
  The student
- C.
  
  No signature is required on an invoice
Correct Answer
A. The performer/vendor

Explanation
The performer/vendor must provide a valid signature on an invoice. This is because the performer/vendor is responsible for verifying the authenticity and accuracy of the invoice, ensuring that the goods or services provided have been accurately represented and that the payment is being made to the correct party. The signature serves as a form of confirmation and agreement between the performer/vendor and the recipient of the invoice.

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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Jul 15, 2013

Quiz Created by
SLD2013

Financial And Service Forms Review

A Direct Payment Voucher (DPV) is used to pay individuals ...

A requisition is use to pay ...

Students are permitted to sign contracts on behalf of the university.

In order to receive a reimbursement, you must receive written approval from Director Veronica Rodriguez, Associate Director Barbara Cosentino, or Coordinator Kristina Garcia PRIOR to purchasing items.

A service agreement is not required to pay a vendor for services.

Who must provide a valid signature on an invoice?