Overall Quiz
Non-Profit Budgeting Quiz
Test your knowledge on budgeting principles and practices for non-profit organizations. This quiz will challenge your understanding of essential concepts and terminology related to financial management in the NGO sector.
Key points include:
- Assessing budgetary frameworks
- Understanding sources of income
- Evaluating budgeting methods
Which principle is: "All donors have the right to know how finance and other support are being used to meet objectives"
Accountability
Consistncy
Transparency
Integrity
NGOs operate in a competitive environment
False
True
A ________ describes an amount of money that an organization plans to raise and spend for a set purpose over a given period of time
Financial Statement
Statement of financial position
Statement of activities
Budget
Statement of cash flows
Which of the following statements is wrong:
Budgets don’t guarantee success, but they certainly help to avoid failure
A budget is a living tool that should change according to the needs of your NGO
Budgets must be prepared on the 1st of January of each year
Budgeting can be a complicated and stressful process, but overall the positive benefits greatly outweigh the limited negatives
Which budgeting method works in a conservative mode
Zero-based
Incremental
Not-for-profit organizations budgeting starts with
Cash flow projections
Revenue Forecast
Expenditures Forecast
Which of the following main sources of income are non-cash
Membership fees
Selling goods and services
In-kind Donations
Donations and Grants
The same categories are used in the organization's budget and financial reports, for consistency and transparency. Is the importance of
Cost Center
Chart of Accounts
Trial Balance
General Ledger
________ It is helpful to further classify financial transactions according to the budget, activity, department or donor that they ‘belong’ to
General Ledger
Trial Balance
Chart of accounts
Cost Center
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