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Level 98

Risk Management for Public Entities

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Incorporates fiscal planning, allocation of funds, accounting and control.
Societal culture
Consists of the values, beliefs, assumptions, and perceptions that are broadly shared by people living in close geographic or philosophical juxtaposition.
Political Culture
Part of the overall societal culture that dictates and is dictated by the attributes of a community.
The shifting to a private sector of functions that public entities previously performed.
Contracted Services
Entity retains control and ultimately responsibility for a program or service that is outsourced.
Governments must ensure that appropriate funds are channeled to the parts of the economy where they are needed.
Public funds must be fairly, if not equally, distributed to all constituents of the local government. Such as residents of various geographic regions of the community and citizens of different economic and social classes.
Organizational culture
Exits within an organization and influences all aspects of the organization.
Efficiency, effectiveness, compliance.
Criteria for evaluating public programs
Determines whether public entities receive the optimum output for the resources they expend.
Examines whether expenditures contribute to the objectives of an organization or programs.
With applicable laws ensures that all activities of public entities are conducted in accordance with applicable laws.
Public financial policies should stabilize the economy as a whole.
companies in a period of above avg growth. Low div. payout ratios, sell at higher P-E multiples than mature companies because of exceptional growth.
Operational budgets
To manage resources necessary for day to day activities.
Fund accounting
Process of measuring the flow of funds into and out of such a segregated account.
Financial accounting standards board (fasb)
The ones who set the standards in the private sector.
Governmental accounting standards board (GASB)
Address financial reporting more than accounting. Is determined by standards issued by the American Institute of Certified Public Accountants (AICPA) and by the widespread practice in the absence of formally issued standards.
Exposure identification
A systematic process for examining the financial, physical, and human values of an entity identifying how these values could be impaired by an accident, and estimating the consequences that such an accident would hav…
Special purpose districts
Perform a single function such as provide water, electricity, transportation, fire protection, or recreational programs.
Public Administration
Practice of organization and management as applied to the public sector.
Seven functions considered to be crucial to successful administration
Helps determine which direction the organization wishes to go, how it might get there, and in some cases, when it has arrived someplace else.
Deals with the entity's structure and lines of authority.
Involves hiring, training, and managing the people necessary to accomplish the work.
Is the ongoing task of arriving at decisions, translating them into orders, instructions, and directives; and leading personnel toward the organizations goal.
Simply making sure all the organizations resources, functions, and actions interrelate and combine to accomplish the assigned task.
Keeping those whom the executive or manager is responsible apprised of what is going on.