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MSB WTR10 AC330 XM1
MSB GovNFP Unit Four
| Question | Answer | |
|---|---|---|
| A transaction in which something of value is transferred by one party to another in exchange for an item of similar value | Exchange or Exchange-like Transaction | |
| The net amount of a tax levy required to meet necessary revenue requirements (gross - estimated uncollectible). | Gross Tax Levy | |
| The rate at which taxes are determined and paid. | Tax Rate | |
| A source of revenue in which the transferor receives no directly perceivable source of value to match their "contribution". | Nonexchange Revenue | |
| An imposed transfer of value by the transferor in which they receive no directly perceivable source of value to match their "contribution". | Imposed Nonexchange Revenue | |
| Taxes outstanding at year end. | Delinquent Taxes | |
| A note by which a governmental entity may secure short term financing due to their taxing power and the revenues contingent upon such. | Tax anticipation note | |
| Tax revenues which draw their value from the indirect exchanges they support. | Derived Tax Revenues | |
| Exchanges occuring within governmental funds and activities (essentially within the same entity). | Internal Exchange Transaction | |
| A means of accounting for resource expenditures by purchases made throughout the accounting period. Works with the modified accrual basis of accounting... | Purchases Method | |
| Method of accounting for resources in which expeditures are equal to such utilized within the accounting period. Works with the accrual basis of accounting... | Consumption Method | |
| A transaction in which one party grants another something of value without expectation of retribution. | Voluntary Nonexchange Transaction | |
| Requirements to which one party are held liable to; stipulations | Eligibility Requirement | |
| Stipulated time frame... | Time Requirement | |
| Amount borrowed between governmental funds with which there is intent for repayment. | Interfund Loans | |
| IE: Operating transfers and residual equity transfers | Interfund Transfers | |
| Exchanges or transactions between similar governmental funds or components of a governmental entity. | Intra-activity Transaction | |
| Exchanges or transactions between a dissimilar governmental/internal service fund and an enterprise fund. | Inter-activity Transaction | |
| A trust enlisted to [help] fund the operations of government programs or the citizenry. | Public-purpose Trusts | |
| A trust enlisted to (help) fund the operations of an organization, government, or individual outside of the tax entity holding said trust. | Private-purpose Trusts | |
| The fund type in which public-purpose trusts whose principal is stipulated as non expendable must be accounted for in. | Permanent Fund | |
| Certain educational, social welfare, and transportation services required and funded by higher levels of government. | Government-mandated Nonexchange Transactions |
Created by:
samantha.lutz
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