Week 5 Flashcards Preview

CODC > Week 5 > Flashcards

Flashcards in Week 5 Deck (43):
1

What is a budget?

An estimate, often itemized, of expected income and expense for a given period in the future.

2

What is budget development?

Determining the resources necessary to meet operational objectives as they relate to the elements, objectives and department's business plan.

3

The monitoring of financial resources to ensure that objectives are met in an efficient and concise manner:

Budget Management

4

What are three critical revenue shortfalls?

Income Taxes
Sales Taxes
Property Taxes

5

____________ is/are NOT a tactic to gain concessions from government employees.

Pay Increases

6

How many Quarters are there in a fiscal year?

4

7

The period of time from October 1st to September 30th is__________.

Fiscal Year

8

A Fiscal year consists of ____ months.

12

9

How many hours a year are used to budget one full time position?

2080

10

In a business structure, in which employees are paid bi-weekly, how many pay periods are there in a year?

26

11

The primary mission of these programs is to employ asset forfeiture powers in a manner that _________ public safety and security.

Enhances

12

Rule of thumb, involving forfeiture funds, when working with other agencies:

1. Funding is usually distributed based on level of participation
2. Usually distributed by the lead agency

13

"Developmental Impact Fees" funding can be used to subsidize normal operating funds. T or F?

False.

14

FICA stands for what?

Federal Insurance Contributions Act

15

A "base" budget request is a _______.

Need

16

The cost for a brand new battle tank is an allowable increase in a "base" budget request. T or F?

False

17

The "Enhanced" Budget Request is a ________. The amount of funding required to perform services ___________________ the current levels.

Wants
Above and beyond

18

When preparing your budget justifications you should?

Keep it simple and concise

19

Employment ads are a source for budget justifications. T or F?

False.

20

A logical method of calculating trends in order to determine the success or failure of an organization's financial goals and objectives is:

Financial Projections

21

The savings from unfilled budgeted positions is:

Attrition

22

What is an encumbrance?

Check you have mailed out, but the company hasn't cashed.

23

In regards to Financial Projections, what would you look for in the second and third quarter?

Spot Trends (2nd Quarter)
Make Adjustments (3rd Quarter)

24

How do you determine the remaining balance of your budget?

Budget - Actual - Encumberance

25

In Microsoft Excel, what is the "*" used for?

Multiplication

26

In Microsoft Excel, what is the "/" used for?

Division

27

If the First Quarter of the fiscal year consisted of 6 pay periods and you spent $71,250 in that quarter, what your annual rejected overtime be?

$308,750

28

There are no justifiable reasons that a department can go over budget. T or F?

False.

29

What's are the questions asked in the "Budget Processing Re-engineering?"

What are we doing?
How do we do it?
Why are we doing it that way?

30

SMART performance measures are:

Specific
Measurable
Attainable
Relevant
Time Based

31

In SMART, which question relates to the "Specific" step?

What are you trying to achieve?

32

In SMART performance measures, which question relates to the "Attainable" step?

Is goal realistic?

33

Budget is all about numbers. T or F?

False.

34

Purpose of forfeiture program?

Punish, deter and disempower criminals of any assets gained through criminal activity. (All of the above)

35

Forfeiture is government taking __________ of property.

Ownership

36

Asset Forfeiture Coordinators job is assuring _________________ are met.

Goals and Objectives

(Answer D. Both a and c)

37

Civil forfeiture is an action against an __________.

Asset.

38

The _______ in an Asset Forfeiture Unit examines information.

Analyst

39

The Asset Forfeiture Unit Manual should comply with:

National Code of Professional Conduct of Asset Forfeiture

40

Real property must be forfeited by:

Judicial Process

41

Accounting procedures include:

Booking procedures and internal controls
Reporting and audit requirements

Answer: D. Both a and b.

42

Asset Forfeiture management staff is responsible for:

Management functions within the unit.

43

Intent of pre-seizure management:

Law Enforcement Tool