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Questions and Answers
Which one of the following is NOT typically included in the preliminary budget for a new school?
Which one of the following is NOT typically included in the preliminary budget for a new school?
- Cost for initial equipment and supplies
- Cost for planning time for staff
- Ongoing operational expenses for the first year (correct)
- Cost for building renovations
Which of the following is the primary purpose of requiring a specific number of months' operational costs to be set aside before issuing a license?
Which of the following is the primary purpose of requiring a specific number of months' operational costs to be set aside before issuing a license?
- To provide a reserve fund in case of unexpected expenses
- To make the licensing process more stringent
- To ensure the school has adequate funds to operate during the initial low enrollment period (correct)
- To generate additional revenue for the licensing agency
Which of the following is the MAIN purpose of preparing an annual budget for a school?
Which of the following is the MAIN purpose of preparing an annual budget for a school?
- To determine tuition rates for the upcoming year
- To project the school's expected revenues and expenses
- To comply with licensing requirements
- To gauge the effectiveness of the school's management of resources, particularly cash (correct)
Why is a survey of other schools in the area important when determining tuition for a new school?
Why is a survey of other schools in the area important when determining tuition for a new school?
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