Flashcards
Chapter 4: Financial Resource Management
Cards in this deck (19)
- 1Types of BudgetingZero based budgeting
Fixed budgeting
Variable budgeting
Lump sum budgeting
Line item budgeting
Performance budgeting - 2Zero based budgetingAn administrative method that requires unit directors to justify every expense without reference to previous spending patterns.
- 3Fixed budgetingAn appropriate process for sports medicine programs in financially stable environments.
- 4Variable budgetingRequires that expenditures for any given time period be adjusted according to revenues for the same period.
- 5Lump sum budgetingA parent organization provides an athletic trainer with a fixed sum of money and the authority to spend that money any way he sees it.
- 6Line item budgetingRequires that athletic trainers list anticipated expenditures for specific categories of program sub-functions.
- 7Performance budgetingBreaks the functions of a sports medicine program into discrete activities and approaches the funds necessary to accomplish these activities.
- 8Planning the BudgetNeeds assessment
Phase 1: Exploration
Phase 2: Information gathering
Phase 3: Decision-making - 9Needs assessmentA systematic set of procedures undertaken for the purpose of setting priorities and making decisions about program or organizational improvement and allocation of resources. The priorities are based on identified needs.
- 10Phase 1: ExplorationIdentify needs
Decide what information to collect for each need
Decide where and how to collect info - 11Phase 2: Information gatheringCollect as much info as possible for each need
Prioritize needs
Determine causes for each need - 12Phase 3: Decision-makingDevelop alternative solutions for each need
Determine budgetary implications for each solution
Prioritize solutions
Integrate solutions into the program budget - 13Basic steps in the purchasing processRequest for quotation
Negotiation
Requisition
Purchase order
Receiving
Accounts payable - 14Request for quotationRFQ is a document that accompanies a bid sheet and provides instructions for vendors to bid on the supplies, equipment, and services needed by a sports medicine program.
- 15NegotiationCapital equipment
Medium priced annual rebuys
Lower cost consumable supplies - 16Lower Cost Consumable SuppliesPrice
Supply
Quality
Shipping
Support - 17RequisitionComplete and submitting a requisition for needed supplies, equipment, or services.
- 18Purchase OrderA document that formalizes the terms of the purchase and transmits the intentions of the buyer to purchase goods or services from the vendor.
- 19ReceivingThe process of accepting delivery of goods purchased from vendors
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- Bachelors Management Strategies in Athletic Training Flashcards on Chapter 4: Financial Resource Management, created by Samuel Castillo on 22/02/2016.
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- Samuel Castillo
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