Resource Management Block 1

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| By Bbrice

Bbrice

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Quizzes Created: 2 | Total Attempts: 303

Questions: 10 | Attempts: 50 | Updated: Apr 20, 2023

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Identify Appropriated and Nonappropriated Funds procedures in a contingency environment.

Questions and Answers

1.

What is established at deployed locations and is a permanent internal control, which provides a chronology of selected activities?
- A.
  
  Continuity Folder
- B.
  
  Activity Log Book
- C.
  
  Life-of-the-Fund File
- D.
  
  Services Control Log
Correct Answer
C. Life-of-the-Fund File

Explanation
A Life-of-the-Fund File is established at deployed locations and serves as a permanent internal control. This file provides a chronology of selected activities, documenting the lifespan of a fund or project. It includes important information such as financial records, contracts, and correspondence, ensuring that all activities related to the fund are properly recorded and documented. This file is crucial for maintaining transparency and accountability in the management of funds or projects at deployed locations.

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2.

What is an excellent management tool for familiarizing newly-assigned personnel with their duties, ensuring required tasks are accomplished in a timely and accurate manner? Also provides a convenient, organized file in which to maintain important correspondence on policies and procedures?
- A.
  
  Continuity Folder
- B.
  
  Activity Log Book
- C.
  
  Life-of-the-Fund File
- D.
  
  Services Control Log
Correct Answer
A. Continuity Folder

Explanation
A Continuity Folder is an excellent management tool for familiarizing newly-assigned personnel with their duties and ensuring tasks are completed accurately and on time. It also provides a convenient and organized file for maintaining important correspondence on policies and procedures. This folder contains information that helps new personnel understand their responsibilities and allows them to refer to important documents and instructions as needed. It promotes efficiency, consistency, and accountability within the organization.

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3.

What is the first step in the budgeting process?
- A.
  
  Establish activity goals
- B.
  
  Obtain budget limitations
- C.
  
  Identify shortfalls
- D.
  
  Identify the unit's mission
Correct Answer
D. Identify the unit's mission

Explanation
The first step in the budgeting process is to identify the unit's mission. This is essential because the budgeting process should align with the overall goals and objectives of the unit or organization. By identifying the mission, the budget can be developed in a way that supports and contributes to the achievement of those goals. Once the mission is established, then other steps such as establishing activity goals, obtaining budget limitations, and identifying shortfalls can be carried out in a more focused and strategic manner.

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4.

Which of the following is NOT a major responsibility of the budgeting process?
- A.
  
  Standards
- B.
  
  Operational
- C.
  
  Administrative
- D.
  
  Policy
Correct Answer
A. Standards

Explanation
The budgeting process involves various responsibilities such as setting financial goals, allocating resources, and monitoring performance. However, "Standards" is not a major responsibility of the budgeting process. Standards refer to predetermined benchmarks or targets used to evaluate performance, but they are not directly involved in the process of creating a budget. Instead, standards are used to measure and compare actual performance against desired targets. Therefore, while standards are important for performance evaluation, they are not a primary responsibility of the budgeting process itself.

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5.

What is a general term used to describe any document or evidence that a transaction took place?
- A.
  
  Voucher
- B.
  
  Journal
- C.
  
  Ledger
- D.
  
  Log
Correct Answer
A. Voucher

Explanation
A voucher is a general term used to describe any document or evidence that a transaction took place. It can be a physical or electronic document that provides details about the transaction, such as the date, amount, and nature of the transaction. Vouchers are used to support and verify the accuracy and legitimacy of financial transactions, and they serve as an essential part of the auditing and record-keeping processes.

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6.

What is a tangible item with a life span of two years or more which does not lose it’s identity through use and has an individual cost of $1000 or more?
- A.
  
  Liability
- B.
  
  Current Asset
- C.
  
  Fund Equity
- D.
  
  Fixed Asset
Correct Answer
D. Fixed Asset

Explanation
A fixed asset is a tangible item that has a life span of two years or more and retains its identity through use. It is also characterized by having an individual cost of $1000 or more. Fixed assets are typically long-term investments for a company and include items such as buildings, machinery, and vehicles. They are not intended to be sold or consumed in the normal course of business and are expected to provide economic benefits to the company over a long period of time.

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7.

What is a two-digit code used to link income and expenses to the appropriate cost centers called?
- A.
  
  General Ledger Accounting Code (GLAC)
- B.
  
  Cost Center Code (CCC)
- C.
  
  NAF Identity Code (NAFID)
- D.
  
  Transaction Code
Correct Answer
B. Cost Center Code (CCC)

Explanation
A two-digit code used to link income and expenses to the appropriate cost centers is called a Cost Center Code (CCC). This code helps in categorizing and tracking financial transactions related to specific cost centers within an organization. It allows for accurate allocation of costs and helps in analyzing the financial performance of different departments or projects.

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8.

Who ensures there is a separation of responsibility for purchasing and receiving, either APF or NAF items?
- A.
  
  Custodian
- B.
  
  Services NCOIC
- C.
  
  Services Commander
- D.
  
  Site Commander
Correct Answer
A. Custodian

Explanation
The custodian ensures there is a separation of responsibility for purchasing and receiving, either APF or NAF items. The custodian is responsible for maintaining and safeguarding the items and ensuring that proper procedures are followed for their acquisition and receipt. They play a crucial role in ensuring accountability and preventing any potential conflicts of interest or unethical practices in the purchasing and receiving process.

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9.

Who authorizes the establishment and the amount of all change funds?
- A.
  
  Activity Manager
- B.
  
  Services Commander
- C.
  
  Security Police
- D.
  
  Site Commander
Correct Answer
B. Services Commander

Explanation
The Services Commander is responsible for authorizing the establishment and determining the amount of all change funds. This role has the authority to oversee and manage the financial aspects of various services within the organization, including the allocation of funds for change purposes. They have the knowledge and expertise to assess the needs and requirements of each department or activity and determine the appropriate amount of change funds to be allocated.

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10.

Under whose supervision should inventories be conducted?
- A.
  
  SVS Superintendent
- B.
  
  First Sergeant
- C.
  
  Manager or designated representative
- D.
  
  SVS/CC
Correct Answer
C. Manager or designated representative

Explanation
Inventories should be conducted under the supervision of the manager or a designated representative. This is because the manager or designated representative is responsible for overseeing the inventory process and ensuring its accuracy. They have the authority and knowledge to effectively manage and control the inventory, making sure that it is properly counted, recorded, and accounted for. The SVS Superintendent, First Sergeant, and SVS/CC may have other responsibilities and may not have the necessary expertise to conduct inventories. Therefore, the manager or designated representative is the most appropriate person to supervise inventories.

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Current Version
Apr 20, 2023

Quiz Edited by
ProProfs Editorial Team
Jul 08, 2009

Quiz Created by
Bbrice

Resource Management Block 1

What is established at deployed locations and is a permanent internal control, which provides a chronology of selected activities?

What is an excellent management tool for familiarizing newly-assigned personnel with their duties, ensuring required tasks are accomplished in a timely and accurate manner? Also provides a convenient, organized file in which to maintain important correspondence on policies and procedures?

What is the first step in the budgeting process?

Which of the following is NOT a major responsibility of the budgeting process?

What is a general term used to describe any document or evidence that a transaction took place?

What is a tangible item with a life span of two years or more which does not lose it’s identity through use and has an individual cost of $1000 or more?

What is a two-digit code used to link income and expenses to the appropriate cost centers called?

Who ensures there is a separation of responsibility for purchasing and receiving, either APF or NAF items?

Who authorizes the establishment and the amount of all change funds?

Under whose supervision should inventories be conducted?