Test Your Financial Management Knowledge

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Who is responsible for day-to-day financial management at HODI?

  • Authorized signatories
  • The Treasurer
  • The Board of Directors
  • The Executive Director (correct)

What is the purpose of the financial management policies established by HODI?

  • To establish a hierarchy of financial decision-making
  • To increase profits
  • To ensure accountability to stakeholders (correct)
  • To reduce expenses

Who is ultimately responsible for financial management at HODI?

  • The Treasurer
  • Authorized signatories
  • The Board of Directors (correct)
  • The Executive Director

How many authorized signatories are required for cheques or bank transfers?

<p>Two (D)</p> Signup and view all the answers

Does HODI allow borrowing funds from employees or directors without Board approval?

<p>No (B)</p> Signup and view all the answers

What does the Board of Directors do to ensure financial policies are in place?

<p>Review financial reports (D)</p> Signup and view all the answers

What does the policy established by HODI include guidelines for?

<p>Capital assets, procurement, payments, and travel expenses (C)</p> Signup and view all the answers

Flashcards are hidden until you start studying

Study Notes

  • The purpose of the document is to establish financial management policies for HODI.
  • The policy aims to ensure efficiency, effectiveness and accountability to stakeholders.
  • The Board of Directors is ultimately responsible for financial management.
  • The Treasurer can act on behalf of the Board on financial matters.
  • The Executive Director is responsible for day-to-day financial management.
  • All cheques or bank transfers require the signatures of at least two authorized signatories.
  • HODI will not borrow funds from employees or directors without Board approval.
  • The Board ensures financial policies are in place and reviews financial reports.
  • HODI complies with regulations and files annual reports.
  • The policy includes guidelines for capital assets, procurement, payments, and travel expenses.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser