Final answer:
The state may exercise reasonable supervision and regulation of all educational institutions, including setting standards, inspecting financial records, and controlling the curriculum of private schools.
Step-by-step explanation:
The state may exercise reasonable supervision and regulation of all educational institutions. This means that the state has the authority to set standards for the quality of education in private schools, inspect the financial records of private schools, and control the curriculum of private schools. However, the state does not have the power to appoint the administrators of private schools.