4605762
Description
Flashcards by Samuel Castillo, updated more than 1 year ago
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Created by Samuel Castillo
about 8 years ago
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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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