FELE Finance Practice Test

Question: 1 / 400

Which fund is primarily used to manage day-to-day operations of a school?

Capital Projects

Special Revenue Fund

Debt Service Fund

General Fund

The General Fund is primarily used to manage the day-to-day operations of a school. This fund is vital for financing the regular activities that ensure the schools run effectively, such as paying for salaries, utilities, supplies, and general administrative costs. It is the main operating fund for public schools and includes all revenues and expenditures not accounted for in other funds.

In the context of school finance, other types of funds serve different purposes: Capital Projects funds are specifically meant for funding construction or major repairs, Special Revenue Funds are allocated for specific programs or projects, often funded by external sources, and Debt Service Funds are used to pay for the interest and principal on the school’s borrowed funds. These funds have distinct functions that do not cover the comprehensive operational needs that the General Fund addresses.

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