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83 Cards in this Set
- Front
- Back
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Human Capital
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Fundamental attributes of the basic economic concept of capital – it is a source of future satisfactions, or future earnings, or both – this becomes part of a person
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Virtuous Circle
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The condition in which a favorable circumstance or result gives rise to another that subsequently supports the first – the more education the more wealth developed, the more wealth, the more funds available for investment, the more investment, the more wealth is available for investment in physical and human capital.
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Taxation
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governments finance their expenditure by imposing charges on citizens and corporate entities
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Equity
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fairness – in the fairness of the treatment of the students
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Adequacy
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ability to reasonably or legally satisfy a requirement
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Benefit principle
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taxation concept that those who benefit from government expenditure should pay more taxes to support such expenditure.
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Free Rider
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a consumer who enjoys a good or service that is provided to the community as a whole without paying for that source
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Cost-quality relationship
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a matter of the efficiency with which schools reach their objective with the smallest outlay of money.
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Diminishing marginal utility
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The utility of additional units of a particular good or service decreases as additional units are consumed.
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Value added
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– economists who are becoming more involved in studying the diminishing marginal dollar relationship in education are classifying the concept as this.
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Opportunity costs
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the income lost while attending school
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Labor intensive
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process where a larger portion of total costs is due to labor as compared with the portion for costs incurred in purchase, maintenance, and depreciation of capital equipment
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Positive Externality
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– the benefits that are produced are not all captured by the student
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Negative externality
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is something like pollution. Individuals value steal and therefore companies produce it for consumers, however, iron ore and coal must be mined which scars landscapes and creates pollution.
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Equity
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Fairness
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Weighted-pupil
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cost differentials injected in the formula to compensate or allow for the additional cost of education of some students because of their innate characteristics, the types of educational programs they pursue, or other pertinent cost factors
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Assessed Value
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value placed on property by government assessors for determining ad valorem taxes or levy damages on the orders of a court
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Market Value
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highest estimated priced that a buyer would pay and a seller would accept for an item in an open competitive market.
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Proportional tax
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requires that the same percentage of each person’s total taxable income, regardless of income size, be paid in taxes
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Regressive Tax
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finds higher incomes paying lower percentages of the total taxable incomes for taxes than do lower incomes
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Progressive Tax
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if the percentage of the total taxable income required for taxes increases as the taxable income becomes higher
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Flat Grants
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funds per pupil, funds per teacher, or percentage grants – provded as a form of relief of local taxpayers with no real intent of providng equalization
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Foundation program
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to achieve equalization of educational opportunity
1. Monetary need 2. Local school revenue 3. State allocation |
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ADA
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average daily attendance
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ADM
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average daily membership – per pupil
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Mill levy
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property tax, millage tax, is an ad volorem (according to value) tax that an owner pays on the value of the property being taxed
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Mill
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dollars per $100
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Wealth tax
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is based on the net worth of an individual of a household (all assets and liabilities)
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Minimum program
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equality of educational opportunity, as measured by equal dollars of total revenue per weighted pupil
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Equalization
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process by which taxation authority (such as state) tries to ensure that all taxable property under its jurisdiction is assessed for property taxes at the same percentage of its market value
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budget
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this is a financial plan that involves 4 elements: a) planning b) receiving funds
c) spending funds & d) evaluating results. Budget is defining priorities/needs and receiving/spending funds over a time period, usually a year for school district |
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revenue
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money needed to run school to run programs etc. comes from taxes
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expenditures
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the total money owed to educate students, buildings, salaries, etc….
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receipts
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is a written acknowledgement that a specified article or sum of money has been received as an exchange for goods or services
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NCES
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National Center for Education Statistics, this handbook represents a national set of standards and guidance for school system accounting. To help ensure that educational fiscal data are reported comprehensively and uniformly.
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GASB
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the Governmental Accounting Standards Board, an agency that sets the accounting standards.
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PPBS
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planning/programming/budgeting system is an integrated system devised to provide administrators and other school staff members with better and more objective information for planning educational programs and making choices among alternative ways for spending funds to achieve the school’s educational objectives.
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Zero-based budgeting
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a budgeting method where the budget starts at zero and each budget item must be justified before it is included in the budget.
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Site-based budgeting
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a budget developed by the school involving teachers, community, & administrators on site. It is decentralized system of providing funding. The Board needs to approve.
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Strategic planning
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an approach to setting district goals for a 3/5 year period. Involving a segment of the community that is brought together for intensive training/decision making. The Board needs to approve.
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TQM
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total quality management, school board members, administrators, teachers, support staff, parents, and students meet on a peer level to reach consensus about a shared vision of excellence
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System analysis
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a practical philosophy on how to assist a decision maker with complex problems of choice under conditions of uncertainty. To help investigate the problem, searching out alternatives/comparing alternatives in the light of consequences using an analytic framework to bring expert judgment to solve problem.
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Accounting
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is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof.
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Auditing
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is an evaluation of a person, organization, system, process, enterprise, project or product that are performed to ascertain the validity and reliability of information; also to provide an assessment of a system's internal control
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Fund or Funding
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is providing capital or other resources for a transaction, a project, a person, a business or other private or public institutions
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Encumbrance
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is a legal term of art for anything that affects or limits the title of a property, such as mortgages, leases, easements, liens, or restrictions.
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Cost accounting
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establishes budget and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds.
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Accrual Accounting
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an accounting method that measures the performance and position of a company by recognizing economic events regardless of when cash transactions occur.
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Internal audits
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an ongoing appraisal of the financial health of a company's operations by its own employees.
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External audits
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a periodic examination of the books of account and records of an entity conducted by an independent third party (an auditor) to ensure that they have been properly maintained,
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Surety bond
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a bond issued by an entity on behalf of a second party, guaranteeing that the second party will fulfill an obligation or series of obligations to a third party.
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Risk management
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the process of analyzing exposure to risk and determining how to best handle such exposure.
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Supply
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the total amount of a good or service available for purchase; along with demand, one of the two key determinants of price
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Tort
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is any wrongdoing for which an action for damages may be brought.
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Food Services
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is the practice or business of making, transporting, and serving or dispensing prepared foods.
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Liability
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is anything that is a hindrance or puts an individual or group at a disadvantage
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Coinsurance
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is an insurance-related term that describes a splitting or spreading of risk among multiple parties.
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strict scruntiny
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a form of judicial review that courts use to determine the constitutionality of certain laws
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intermediate scrutiny
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the middle level of inspection applied by courts to determine the constitutionality of laws that address issues concerning gender and age
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rational basis
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a judicial standard of review that examines whether a legislature had a reasonable and not an arbitrary basis for enacting a stature
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equal protection
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the right of all persons to the law and courts and to be treated equally by the law and courts
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serrano philosophy
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education is a fundamental right, school finance patterns are in violation of state education clauses
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rodriquez doctrine
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there is no constitutional justification for equal per pupil expenditures; the matter should be left for legislatures to decide
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equal protection clause
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"no state shall...deny to any person within its jurisdiction the equal protection of the laws:
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constitutional provision
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a specific benefit offered and protected by law such as the US constitution's 14th amendment
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powell's answer
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"education is not a fundamental right either explicitly or implicitly guaranteed to individuals by the constitution
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Marshall's answer
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to deny children equal education is to deny them an equal voice within the democracy
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Impact of CFE v. The State of New York
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The plaintiff's focus shifted from equity to adequacy maintaining that the amount of money the state was spending was not enough
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personnel
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the people employed in an organization, or business
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human resources
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the department of an organization of business that deals with employees' hiring, records, and problems
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salary schedule
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mandate from the state to the local districts is "in no instance may a school district pay classroom teachers, full-time librarians, full-time counselors, or full-time nurses less than the state base salary listed for that individual's years of experience. Must be 187 days of service on a 10 month contract.
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single-salary schedule
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the amount of the beginning salary is determined, examples: bachelor's degree, master's degree, bachelor's plus a certain number of hours, master's plus a certain amount of hours
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indexed-salary schedule
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this has graduating steps and lame changes based on a negotiated index; teachers receive a higher salary based in experience and additional number of years
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steps
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increase in pay each year based on service
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lanes
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increase in pay due to more experience and college credits
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merit pay
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debate over whether teachers should be paid by their knowledge rather than their years of teaching (controversial)
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salary
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some schools want to tie salaries to accountability
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benefits
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retirement plans, sick-leave privileges, insurance coverage
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certificated
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teachers who pass a state competency test and have a license to teach
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noncertificated
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qualifications of these employees vary, some serve under no contract and with no guarantee that they will have work; some large school districts have contracts and benefits for non-certified staff
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certification
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teachers who pass a state competency test, this test is a hot issue, some states are creating alternative certification programs, NBPTS (National Board of Professional Teaching Standards) is now used by some states
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Retirement
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in every state, a guaranteed amount(depending on length of service and contributions) on retirement, may include withdrawl privileges (with interest) of employee contribution for those who leave the system before retirement, disability and death benefits become critical due to GASB regulations; some plans provide for investments in stocks and mutual funds that may offset any losses due to inflation.
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Career ladders
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bachelor's degree, bachelor's degree plus a certain number of hours, master's degree, master's degree plus a certain number of hours
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