This exam is addresses material from the second half of the course. Address four (4) of the below questions in detail. Each of your answers should be approximately 1.5-2.0 pages each (6-8 pages total) using double-space, conforming to APA format. You should cite the textbooks as appropriate in your answers. Be sure to integrate as much material, themes, and concepts as possible from both the course and textbooks in your answers. No additional sources are required. LATE EXAMS WILL NOT BE ACCEPTED UNDER ANY CIRCUMSTANCES!
1) Describe the revenue generation, funding, and budgetary challenges of state and local governments compared to the federal government. Why do those differences exist and how does that affect citizens?
2) How does capital budgeting differ in the private sector versus the public sector? How do companies strategically plan for capital projects?
3) How does forecasting differ in the public/nonprofit sector versus the private sector? What are the primary strategies of each and which is more difficult? Why?
4) How do public/nonprofit agencies effectively, efficiently, and equitably deliver services to the public and their constituents during an era of “cutback management?” Can public/nonprofit agencies consistently meet their mission while “doing more with less?” Why or why not?
5) What does analyzing companies against their industry tell a finance manager or financial analyst about the health and success of own company? Furthermore, what does analyzing a company against firms in OTHER industries tell a finance manager or financial analyst about their own company?
6) How can effective communication of budgetary and financial management data help managers and leaders make better overall decisions that affect the entire organization across all sectors–public, private, and nonprofit?
7) In the public sector, how do capital expenditures and budgets differ from “traditional” or yearly operating budgets? How can managers, leaders, and organizations strategically plan for capital expenditures, projects, and expenses?
Required texts: Brooks, Raymond M. 2020. Financial Management: Core Concepts. New York: Pearson. Menifield, Charles M. 2017.
The Basics of Public Budgeting and Financial Management. Lanham MD: Hamilton Books.