1. Organization presidents should use their own funds for organization purchases because cash reimbursements are better for account management.
2. Two authorized signatures, such as the president and treasurer, should be the accountable officers to manage organization funds and transactions.
3. When new officers are elected/appointed into office, outgoing officers should facilitate a(n) ______________ meeting to help new officers adjust to their newly elected/appointed positions.
A. Officer Exchange
B. Informational Session
C. Office Transition
D. International Exchange
4. Student Organizations should refrain from obtaining and/or using ATM cards. Why is this important?
A. You could forget the Personal Identification Number (PIN)
B. It is too difficult to track the originator of the purchase
C. The use of ATM cards is restricted to the person whose name is on the card so everyone in the organization would not be able to use it
D. You could be tempted to over spend since the ATM card gives you easy access to an account
5. The _____________ of the student organization should NOT have fiscal responsibility or be listed on an organization financial account.
6. Preference shareholders are entitled to be refunded their investment before unsecured creditors in the event of an insolvent company’s liquidation.
7. Which of the following is NOT a function of financial management:
A. Deciding the best sources of finance.
B. Spending money on capital expansion
C. Preparation of Tax Returns
D. Evaluating how much dividends to pay shareholders.
E. The management of working capital.
8. A partnership must be dissolved when there is a change of ownership.
9. Preferential creditors (as defined by corporations law) have the same priority to their claims as preference shareholders do for return of their capital, in the event of an insolvent company’s liquidation.
10. Numerous research has consistently show that there is a strong positive correlation between the size of the executive bonuses paid to a financial manager and that financial manager’s performance in maximizing shareholder wealth.
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