Match the Term with the Definition

question 64

Multiple Choice

Match the term with the definition.
-Top-secret government report of April 1950 warning that national survival required a massive military buildup. The Korean War brought nearly all of the expansion called for in the report, and by 1952, defense spending claimed nearly 70 percent of the federal budget.

• A)Central Intelligence Agency (CIA)
• B)Cold War
• C)containment
• D)House Un-American Activities Committee (HUAC)
• E)Housing Act of 1949
• F)iron curtain
• G)Marshall Plan
• H)North Atlantic Treaty Organization (NATO)
• I)NSC 68
• J)Korean War
• K)Taft-Hartley Act
• L)Truman Doctrine

Understand the concepts of controllable and uncontrollable costs.

Recognize the importance of classifying costs for performance evaluation, budgeting, and financial management.

Identify the components and functions of a management accounting system.

Understand direct, indirect, fixed, and variable costs and how they relate to manufacturing.

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Definitions:

Pension Trust Fund

A fund established by an employer to invest and manage the assets set aside for future pension payments to retirees.

Fiduciary Fund

A fund used by a government to account for assets held in a trustee or agency capacity for individuals, private organizations, or other governments.

GASB Concepts Statement No. 1

A document issued by the Governmental Accounting Standards Board outlining objectives and concepts that guide the development of accounting and financial reporting standards for state and local governments.