Student Organization Online Management Test - Financial Management Module

1. Two authorized signatures, such as the president and treasurer, should be the accountable officers to manage organization funds and transactions.

True

False

Having two authorized signatures, such as the president and treasurer, as accountable officers for managing organization funds and transactions is a good practice. This ensures that there is a system of checks and balances in place, reducing the risk of fraud or misuse of funds. It also helps to ensure transparency and accountability within the organization. Therefore, the statement is true.

Explanation

Having two authorized signatures, such as the president and treasurer, as accountable officers for managing organization funds and transactions is a good practice. This ensures that there is a system of checks and balances in place, reducing the risk of fraud or misuse of funds. It also helps to ensure transparency and accountability within the organization. Therefore, the statement is true.

2. Organization presidents should use their own funds for organization purchases because cash reimbursements are better for account management.

True

False

Using their own funds for organization purchases may not be the best practice for organization presidents. It can lead to confusion and potential misuse of funds. Cash reimbursements, on the other hand, provide a clear record of expenses and ensure proper account management. Therefore, the statement that cash reimbursements are better for account management suggests that organization presidents should not use their own funds for organization purchases.

Explanation

Using their own funds for organization purchases may not be the best practice for organization presidents. It can lead to confusion and potential misuse of funds. Cash reimbursements, on the other hand, provide a clear record of expenses and ensure proper account management. Therefore, the statement that cash reimbursements are better for account management suggests that organization presidents should not use their own funds for organization purchases.

3. Student Organizations are encouraged to establish an address to receive important organization information and financial statements. What resource does the Center for Student Involvement (in MSC 3302) provide to assist with this?

Storage Room

Student Organization Office Space

Mailbox

CSI Front Desk

The Center for Student Involvement (in MSC 3302) provides a mailbox to assist student organizations in receiving important organization information and financial statements. This mailbox serves as a designated address for the organizations to receive their mail and ensures that they can easily access and manage their correspondence.

Explanation

The Center for Student Involvement (in MSC 3302) provides a mailbox to assist student organizations in receiving important organization information and financial statements. This mailbox serves as a designated address for the organizations to receive their mail and ensures that they can easily access and manage their correspondence.

4. When new officers are elected/appointed into office, outgoing officers should facilitate a(n) ______________ meeting to help new officers adjust to their newly elected/appointed positions.

Officer Exchange

Informational Session

Office Transition

International Exchange

When new officers are elected/appointed into office, it is important for outgoing officers to facilitate an Office Transition meeting to help the new officers adjust to their newly elected/appointed positions. This meeting serves as a platform for the outgoing officers to provide information, guidance, and support to the incoming officers, ensuring a smooth transition of responsibilities and knowledge transfer. It allows the new officers to understand their roles and responsibilities, learn about ongoing projects, and ask any questions they may have. This Office Transition meeting helps to ensure continuity and effectiveness in the functioning of the organization or team.

Explanation

When new officers are elected/appointed into office, it is important for outgoing officers to facilitate an Office Transition meeting to help the new officers adjust to their newly elected/appointed positions. This meeting serves as a platform for the outgoing officers to provide information, guidance, and support to the incoming officers, ensuring a smooth transition of responsibilities and knowledge transfer. It allows the new officers to understand their roles and responsibilities, learn about ongoing projects, and ask any questions they may have. This Office Transition meeting helps to ensure continuity and effectiveness in the functioning of the organization or team.

5. Student Organizations should refrain from obtaining and/or using ATM cards. Why is this important?

You could forget the Personal Identification Number (PIN)

It is too difficult to track the originator of the purchase

You could be tempted to over spend since the ATM card gives you easy access to an account

This answer is correct because if student organizations obtain and use ATM cards, it would be challenging to trace the person responsible for a particular purchase. This lack of accountability can lead to misuse or unauthorized transactions, making it important for student organizations to refrain from using ATM cards.

Explanation

This answer is correct because if student organizations obtain and use ATM cards, it would be challenging to trace the person responsible for a particular purchase. This lack of accountability can lead to misuse or unauthorized transactions, making it important for student organizations to refrain from using ATM cards.

6. The _____________ of the student organization should NOT have fiscal responsibility or be listed on an organization financial account.

President

Advisor

Treasurer

Members

The advisor of the student organization should not have fiscal responsibility or be listed on an organization financial account. This is because the advisor's role is primarily to provide guidance, support, and mentorship to the organization, rather than being directly involved in financial matters. The advisor's main focus is to offer advice and assistance in achieving the organization's goals and objectives, rather than managing its finances.

Explanation

The advisor of the student organization should not have fiscal responsibility or be listed on an organization financial account. This is because the advisor's role is primarily to provide guidance, support, and mentorship to the organization, rather than being directly involved in financial matters. The advisor's main focus is to offer advice and assistance in achieving the organization's goals and objectives, rather than managing its finances.