Lesson 7 Quiz

Net income for the year ends up in which section of the balance sheet? *

Current assets

Equity (net assets for nonprofits)

Current liabilities

Long-term liabilities

The total of the family aging report should equal: *

Total revenue

Accounts Receivable – Families

Cash

Net income

Which of these is NOT one of the three legs of the Iron Triangle? *

Full enrollment

Full fee collection

Revenue that covers per-child cost

Low staff turnover

Harbor Oak averaged 58 children with a licensed capacity of 65. Its enrollment rate is about: *

75%

89%

95%

100%

A center shows a profit, but its cash keeps falling. Which report is most likely to explain why? *

The P&L

The balance sheet

The Budget v. Actual

The CACFP claim