Financial And Service Forms Review

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| By SLD2013
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SLD2013
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Quizzes Created: 1 | Total Attempts: 202
| Attempts: 202
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  • 1/6 Questions

    A Direct Payment Voucher (DPV) is used to pay individuals ...

    • $1-499.99 (under $500)
    • $500-999.99 (under $1,000)
    • $1,000 and up
    • A DPV is only used to pay companies
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About This Quiz

This quiz, titled 'Financial and Service Forms Review', assesses understanding of payment and procurement procedures within a business setting. It covers topics such as Direct Payment Vouchers, requisitions, contract policies, reimbursement requirements, and invoice signing, crucial for efficient financial management.

Financial And Service Forms Review - Quiz

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  • 2. 

    A requisition is use to pay ...

    • Individuals $499.99 or more

    • Businesses and companies (or individuals $500 or more)

    • Businesses and companies only

    Correct Answer
    A. Businesses and companies (or individuals $500 or more)
    Explanation
    A requisition is a formal request for the purchase of goods or services. In this context, it is used to pay businesses and companies, or individuals who are owed $500 or more. This means that if the amount owed is less than $500, individuals will not be paid using a requisition. Therefore, the correct answer is businesses and companies (or individuals $500 or more).

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  • 3. 

    In order to receive a reimbursement, you must receive written approval from Director Veronica Rodriguez, Associate Director Barbara Cosentino, or Coordinator Kristina Garcia PRIOR to purchasing items.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    To receive a reimbursement, it is necessary to obtain written approval from either Director Veronica Rodriguez, Associate Director Barbara Cosentino, or Coordinator Kristina Garcia before making any purchases. This implies that without prior approval from any of these individuals, reimbursement will not be granted. Therefore, the statement is true.

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  • 4. 

    Who must provide a valid signature on an invoice?

    • The performer/vendor

    • The student

    • No signature is required on an invoice

    Correct Answer
    A. The performer/vendor
    Explanation
    The performer/vendor must provide a valid signature on an invoice. This is because the performer/vendor is responsible for verifying the authenticity and accuracy of the invoice, ensuring that the goods or services provided have been accurately represented and that the payment is being made to the correct party. The signature serves as a form of confirmation and agreement between the performer/vendor and the recipient of the invoice.

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  • 5. 

    Students are permitted to sign contracts on behalf of the university.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Under no circumstance is a student permitted to sign a contract.

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  • 6. 

    A service agreement is not required to pay a vendor for services.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    False. A service agreement is REQUIRED to compensate a vendor. Failure to complete a service agreement can greatly delay the financial process.

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Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jul 15, 2013
    Quiz Created by
    SLD2013
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