WGU D023 SCHOOL FINANCIAL
LEADERSHIP PRE-ASSESSMENT FINAL TEST
2026 QUESTIONS WITH CORRECT
ANSWERS GRADED A+
◍ Trust Funds.
Answer: Funds from any number of sources other than regular governmental
allocations may be contractually or legally restricted for specific purposes.
The school district, as trustee of these funds, is in a position of fiduciary
responsibility that requires it to use and account for the funds only in
accordance with the granting entity's purposes.
◍ Line-Item Budgeting.
Answer: Most common. Based on the previous budget and adjusted for new
conditions. Is not focused on outcomes but is the more simplistic means of
budgeting.
◍ Ob.
Answer: 10
◍ Equity issues - inextricably tied to.
Answer: Property Wealth
◍ Race to the Top (2009).
Answer: Billion dollar action from the Dept of Education (Obama Admin.)
to spur innovation in K12 education. Funded by the bailout. States awarded
points for satisfying certain educational policies such as performance based
standards, promoting charter schools, privatization, and computerization.
Prompted 48 states to adopt common standards for K12. Criticisms: tests are
an inaccurate way to measure teachers, it imposes federal control over states
,◍ Activity Funds.
Answer: Monies raised through student fees, fundraising, or other activities
to support co-curricular and extracurricular programs.
◍ Performance Budgeting.
Answer: Focused on desired outcomes by focusing on programs and
activities rather than broader organizational goals.
◍ Post Award Phase.
Answer: Implementation reporting. After the award has been disbursed
grants management officer oversees reporting compliance. May encourage
auditing. When requirements have been met the grant lifecycle comes to an
end
◍ requisition.
Answer: a demand for goods, usually made by an authority
◍ Sales tax as funding.
Answer: If food and other necessities are subject to a sales tax, the tax
becomes regressive (taking more from those with less income). The sales
tax is used most often at the state level of government although it is
sometimes applied at the county and city levels.
◍ General Aid.
Answer: Funds provided by state to reach foundational funding levels.
◍ What type of budget?A principal is allowed to involve campus stakeholders
in making decisions concerning the campus budget..
Answer: Site basedThe site-based budget model involves a collaborative
process where school stakeholders and the site-based decision-making team
have a say in where campus dollars are spent. The principal is able to
involve teachers and others invested in the school in the budgeting
process.Opposite of zero based
◍ Extra Curricular Activities.
Answer: typified by organized sports and other nonacademic interscholastic
, competitions.
◍ Magnet Schools.
Answer: Public schools that focus on particular disciplines or areas, such as
fine arts or science
◍ Categorical, Competitive, or Block grant?Race to the Top.
Answer: CompetitiveRace to the Top was a federal program that offered
funding to schools in a competitive manner based on their efforts to increase
rigor and conformity to the priorities of the program.
◍ Local Funding.
Answer: property taxes
◍ Grant Life cycle: Spending of Funds.
Answer: Evaluating the initiative or programReporting the results of the
initiative or program as detailed in the grant application and award
letterApplying for renewal
◍ What is federalism?.
Answer: sharing of powers between federal and state governments.
◍ What are the components of a budget?.
Answer: 1. expenditures2. program3. capitalThe base is the educational
program, with one side representing the cost necessary to produce that
program, and the other side the revenue plan
◍ outcome focused budgeting.
Answer: has become increasingly more outcome focused as a result of the
No Child Left Behind Act and subsequent ESEA waiver requirements. In
addition, competition for limited resources has created the need to ensure a
more effective and efficient use of resources at all levels of the educational
system. Similar to the PPB method, the outcome-focused budgeting
approach links the allocation of resources to outcomes, assigning resources
to those programs or activities that best meet the school's goals and
objectives.
, ◍ GAAP.
Answer: Generally Accepted Accounting Principles - the standards and rules
that accountants follow while recording and reporting financial activities.
◍ Total Quality Management (TQM).
Answer: a management philosophy that focuses on satisfying customers
through empowering employees to be an active part of continuous quality
improvement
◍ What type of budget?This budget model is grounded in the concept that
every program and expenditure is scrutinized. This process is considered a
highly rational process but can be cumbersome due to the amount of
documentation involved..
Answer: Zero basedThe zero-based budget model is unique in that it does
not apply a specific dollar amount by line item nor a projection of the
budget to departments or teams. Instead, each expenditure request is
scrutinized prior to approval.
◍ Types of Budgets.
Answer: 1) Cash;2) Capital;3) Operating;4) Master
◍ General Fund.
Answer: The general operating fund for a school district. It is used to
account for all resources and for the cost of operations traditionally
associated with school districts that are not specifically required to be
accounted for in other funds.
◍ Equity.
Answer: the amount of money that would be returned to a company's
shareholders if all of the assets were liquidated and all of the company's debt
was paid off
◍ 1st Development Stage of School Finance.
Answer: The period of local district financial responsibility, with little or no
assistance from the state-used to be local or church-rate bills or tuition
-problem in equity
LEADERSHIP PRE-ASSESSMENT FINAL TEST
2026 QUESTIONS WITH CORRECT
ANSWERS GRADED A+
◍ Trust Funds.
Answer: Funds from any number of sources other than regular governmental
allocations may be contractually or legally restricted for specific purposes.
The school district, as trustee of these funds, is in a position of fiduciary
responsibility that requires it to use and account for the funds only in
accordance with the granting entity's purposes.
◍ Line-Item Budgeting.
Answer: Most common. Based on the previous budget and adjusted for new
conditions. Is not focused on outcomes but is the more simplistic means of
budgeting.
◍ Ob.
Answer: 10
◍ Equity issues - inextricably tied to.
Answer: Property Wealth
◍ Race to the Top (2009).
Answer: Billion dollar action from the Dept of Education (Obama Admin.)
to spur innovation in K12 education. Funded by the bailout. States awarded
points for satisfying certain educational policies such as performance based
standards, promoting charter schools, privatization, and computerization.
Prompted 48 states to adopt common standards for K12. Criticisms: tests are
an inaccurate way to measure teachers, it imposes federal control over states
,◍ Activity Funds.
Answer: Monies raised through student fees, fundraising, or other activities
to support co-curricular and extracurricular programs.
◍ Performance Budgeting.
Answer: Focused on desired outcomes by focusing on programs and
activities rather than broader organizational goals.
◍ Post Award Phase.
Answer: Implementation reporting. After the award has been disbursed
grants management officer oversees reporting compliance. May encourage
auditing. When requirements have been met the grant lifecycle comes to an
end
◍ requisition.
Answer: a demand for goods, usually made by an authority
◍ Sales tax as funding.
Answer: If food and other necessities are subject to a sales tax, the tax
becomes regressive (taking more from those with less income). The sales
tax is used most often at the state level of government although it is
sometimes applied at the county and city levels.
◍ General Aid.
Answer: Funds provided by state to reach foundational funding levels.
◍ What type of budget?A principal is allowed to involve campus stakeholders
in making decisions concerning the campus budget..
Answer: Site basedThe site-based budget model involves a collaborative
process where school stakeholders and the site-based decision-making team
have a say in where campus dollars are spent. The principal is able to
involve teachers and others invested in the school in the budgeting
process.Opposite of zero based
◍ Extra Curricular Activities.
Answer: typified by organized sports and other nonacademic interscholastic
, competitions.
◍ Magnet Schools.
Answer: Public schools that focus on particular disciplines or areas, such as
fine arts or science
◍ Categorical, Competitive, or Block grant?Race to the Top.
Answer: CompetitiveRace to the Top was a federal program that offered
funding to schools in a competitive manner based on their efforts to increase
rigor and conformity to the priorities of the program.
◍ Local Funding.
Answer: property taxes
◍ Grant Life cycle: Spending of Funds.
Answer: Evaluating the initiative or programReporting the results of the
initiative or program as detailed in the grant application and award
letterApplying for renewal
◍ What is federalism?.
Answer: sharing of powers between federal and state governments.
◍ What are the components of a budget?.
Answer: 1. expenditures2. program3. capitalThe base is the educational
program, with one side representing the cost necessary to produce that
program, and the other side the revenue plan
◍ outcome focused budgeting.
Answer: has become increasingly more outcome focused as a result of the
No Child Left Behind Act and subsequent ESEA waiver requirements. In
addition, competition for limited resources has created the need to ensure a
more effective and efficient use of resources at all levels of the educational
system. Similar to the PPB method, the outcome-focused budgeting
approach links the allocation of resources to outcomes, assigning resources
to those programs or activities that best meet the school's goals and
objectives.
, ◍ GAAP.
Answer: Generally Accepted Accounting Principles - the standards and rules
that accountants follow while recording and reporting financial activities.
◍ Total Quality Management (TQM).
Answer: a management philosophy that focuses on satisfying customers
through empowering employees to be an active part of continuous quality
improvement
◍ What type of budget?This budget model is grounded in the concept that
every program and expenditure is scrutinized. This process is considered a
highly rational process but can be cumbersome due to the amount of
documentation involved..
Answer: Zero basedThe zero-based budget model is unique in that it does
not apply a specific dollar amount by line item nor a projection of the
budget to departments or teams. Instead, each expenditure request is
scrutinized prior to approval.
◍ Types of Budgets.
Answer: 1) Cash;2) Capital;3) Operating;4) Master
◍ General Fund.
Answer: The general operating fund for a school district. It is used to
account for all resources and for the cost of operations traditionally
associated with school districts that are not specifically required to be
accounted for in other funds.
◍ Equity.
Answer: the amount of money that would be returned to a company's
shareholders if all of the assets were liquidated and all of the company's debt
was paid off
◍ 1st Development Stage of School Finance.
Answer: The period of local district financial responsibility, with little or no
assistance from the state-used to be local or church-rate bills or tuition
-problem in equity
