3rd Edition Chapter 14 Budgeting Flashcards Preview

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Flashcards in 3rd Edition Chapter 14 Budgeting Deck (13)
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1
Q

An itemized summary of estimated or intended revenues and expenditures?

A

Budget

2
Q

The income of an organization from all sources intended for the payment of expenses?

A

Revenues

3
Q

The money spent for goods or services?

A

Expenditures

4
Q

The budget process is a cycle consisting of six steps?

A
  1. Identification of needs and required resources
  2. Preparation of a budget request
  3. Local government and public review of requested budget
  4. Adoption of an approved budget
  5. Administration of approved budget, with periodic review and revision
  6. Close-out of budget year
5
Q

The level of funding that would be required to maintain all services at the currently authorized levels, including adjustments for inflation and salary increases?

A

Base Budget

6
Q

Proposed increases in spending to provide additional services are classified as what kind of request?

A

Supplemental Budget Requests

7
Q

Special service district created to finance the fire protection of a designated district?

A

Fire Tax District

8
Q

The US Census summarizes the sources of state and local government tax revenues in nine general areas. The top three local tax revenue sources represent about half of the total revenues collected by local governments?

A
  1. General sales and gross receipts taxes
  2. Property taxes
  3. Individual income taxes
9
Q

When faced with declining revenues, fie departments have to make difficult choices. Five such options, provided in increasing order of difficulty are?

A
  1. Defer scheduled expenditures, such as apparatus replacement and station maintenance
  2. Regionalize or consolidate services
  3. Privatize or contract out elements of the service provided by the department
  4. reduce the workforce
  5. Reduce the size of the department
10
Q

What are the different methods of purchasing process in a fire department?

A
  1. Petty Cash
  2. Purchase Orders
  3. Requisitions
11
Q

Once funds have been encumbered, the fire department must go about the process of making the purchase. This is done in one of two ways?

A
  1. For smaller items, Specification for Bids
  2. Very large or complex purchases,
    Request for Proposal (RFP)
12
Q

The fire department gives the general information about what is desired to purchase and allows the vendor to determine how it will meet the need?

A

Request for Proposal

13
Q

When purchasing an item, the fire department writes up exactly what is desires in the product?

A

Specifications for Bids