The Governor of the State Appoints the Members of the Game

question 68

Multiple Choice

The governor of the state appoints the members of the Game and Fish Commission. The members of the commission serve ten-year terms and can be removed only for cause. State law prohibits the reappointment of a commissioner. The commission receives no tax dollars. It is supported entirely by licenses and fees paid by hunters and anglers. The only bonds that can legally be issued by the commission are revenue bonds backed by the licenses and fees paid by the sportsmen. The Game and Fish Commission is not a 501(c) (3) organization and does not have separate legal status. The Game and Fish Commission is an example of a:

• A) Primary government.
• B) Component unit.
• C) Related Organization.
• D) None of the above.

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Definitions:

Service Cost

The actuarial present value of benefits attributed to employee service during a period, often recognized in pension expense accounting.

Settlement/Discount Rate

The interest rate used in calculating the present value of future cash flows when assessing the value of financial instruments or liabilities.

Actuarial Loss

occurs when the actual experience under a pension plan deviates from expected assumptions, resulting in higher costs than projected.

Pension Expense

The cost recognized by an employer for maintaining a defined benefit pension plan for its employees over a specific period.