Chapter 4: Financial Resource Management

Samuel Castillo
Flashcards by Samuel Castillo, updated more than 1 year ago
Samuel Castillo
Created by Samuel Castillo about 5 years ago
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Bachelors Management Strategies in Athletic Training Flashcards on Chapter 4: Financial Resource Management, created by Samuel Castillo on 02/22/2016.

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Question Answer
Types of Budgeting Zero based budgeting Fixed budgeting Variable budgeting Lump sum budgeting Line item budgeting Performance budgeting
Zero based budgeting An administrative method that requires unit directors to justify every expense without reference to previous spending patterns.
Fixed budgeting An appropriate process for sports medicine programs in financially stable environments.
Variable budgeting Requires that expenditures for any given time period be adjusted according to revenues for the same period.
Lump sum budgeting A parent organization provides an athletic trainer with a fixed sum of money and the authority to spend that money any way he sees it.
Line item budgeting Requires that athletic trainers list anticipated expenditures for specific categories of program sub-functions.
Performance budgeting Breaks the functions of a sports medicine program into discrete activities and approaches the funds necessary to accomplish these activities.
Planning the Budget Needs assessment Phase 1: Exploration Phase 2: Information gathering Phase 3: Decision-making
Needs assessment A 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.
Phase 1: Exploration Identify needs Decide what information to collect for each need Decide where and how to collect info
Phase 2: Information gathering Collect as much info as possible for each need Prioritize needs Determine causes for each need
Phase 3: Decision-making Develop alternative solutions for each need Determine budgetary implications for each solution Prioritize solutions Integrate solutions into the program budget
Basic steps in the purchasing process Request for quotation Negotiation Requisition Purchase order Receiving Accounts payable
Request for quotation RFQ 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.
Negotiation Capital equipment Medium priced annual rebuys Lower cost consumable supplies
Lower Cost Consumable Supplies Price Supply Quality Shipping Support
Requisition Complete and submitting a requisition for needed supplies, equipment, or services.
Purchase Order A document that formalizes the terms of the purchase and transmits the intentions of the buyer to purchase goods or services from the vendor.
Receiving The process of accepting delivery of goods purchased from vendors
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