Some questions require multiple correct answers

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  1. The Independent Reviewer responsible for reviewing the PCard transactions may not be?

    a. Subordinate to you
    b. Your Financial Officer
    c. Your Supervisor
     d. Yourself

  2. Limitations for pcard single transactions & monthly amounts greater than the following must be approved by the Vice President of Business & Finance?

    a. $1,500 single/$5,000 total
    b. $2,500 single/$10,000 total
    c. $5,000 single/$25,000 total
     d. $25,000 single/$100,000 total

  3. PCard Statements should be submitted, reviewed, approved & completed within ____ days?

    a. 15 days
    b. 30 days
    c. 60 days
     d. 90 days

  4. Which of the following are unauthorized pcard uses without higher level approval?

    a. Cash Advances
    b. Gas for a Personal Car
    c. Car Rentals
     d. Computer Purchases

  5. The Cardholder may authorize another person to use the pcard if:

    a. The purchase is less than $500
    b. The card is a departmental card
    c. The purchase is for services only
     d. The service or item is for a Dean or Vice President

  6. Personal use of the pcard is authorized when:

    a. It's an emergency
    b. The purchase is less than $500
    c. The purchase is with a Preferred Provider
     d. When you are going to reimburse the University
     e. Personal use is not authorized

  7. What do you (the cardholder) do if the card is lost or stolen?

    a. Notify the bank
    b. Notify your supervisor
    c. Notify the SMU Procurement Card Administrator
     d. All of the above

  8. Splitting an invoice amount to stay within the pcard holder's authorized limits guarantees:

    a. Disciplinary Action
    b. Six month suspension of your pcard
    c. Cancellation of your pcard
     d. Establishment of lower limits to your pcard of $500 per transaction & $2,500 per month

  9. SMU is exempt, in most purchases, from Texas State & Local Sales Tax & therefore the pcard holder is responsible for making the vendor aware of this exemption.  Should Sales Tax be paid by mistake the pcard holder should:

    a. Make the Financial Officer aware
    b. Make the PCard Administrator aware
    c. Make a serious attempt to recover the tax and document those attempts
     d. Never buy from this contractor again

  10. What is the ultimate consequence of three violations involving misuse of the procurement card?

    a. A stern written warning
    b. Suspension of the card for six months
    c. Cancellation of the card and possible disciplinary action up to and including termination of employment.

  11. Each card has a default set of account codes.  It is the cardholder's responsibility to ensure transactions are coded to the correct set of account codes.  This can be done by:

    a. Verifying or changing the codes in paymentnet
    b. Notifying someone in your financial office as to what the account code should be
    c. Either a or b

  12. When a purchase is made on a departmental card the person responsible for that transaction is:

    a. The person making the purchase
    b. The supervisor of the department
    c. The person whose name is embossed on the card

  13. What is proper documentation for Business meal transaction?

    a. Detailed receipt, list of attendees, business purpose and approval of the supervisor
    b. Detailed receipt, business purpose, list of attendees and approval of President, VP, Dean or designee
    c. Detailed receipt, business purpose, approval of President, VP or Dean

  14. If a transaction is over your limit you should request an increase to your limit through your Financial Officer unless:

    a. The merchant will split the transaction as to not charge an amount over your limit
    b. It is a transaction that you routinely make
    c. An increase must always be requested and approved before a purchase over the cardholder's limit can be made

  15. A card is subject to suspension when:

    a. A cardholder splits a transaction to stay within his/her limits
    b. A cardholder's statement reaches 60 days outstanding
    c. A cardholder is missing a receipt

  16. A purchase is over $5,000 and once I've requested and received approval from (a) to make that purchase on my pcard, (b) the following actions also need to occur:

    a. (a) Financial Officer; (b) Provide the information on the immediate purchase to my financial officer & provide a copy of the invoice to Accounts Payable
    b. (a) Vice President of Business & Finance; (b) Document the price fairness & reasonableness on the pcard statement
    c. (a) My Dean or Vice President; (b) notify my Financial Officer & document the price fairness & reasonableness on my pcard statement
     d. (a) Immediate Supervisor; (b) notify my Financial Officer & provide a copy of the invoice to Accounts Payable

    NOTE:  Answers to all of these questions may be found in the Procurement Card Program Guide available on this website.