A Local Government Is

question 3

Multiple Choice

A local government is:

• A)A separate level of government in its own right.
• B)Comprised of a legislature, executive and judiciary.
• C)Established by a state government to be responsible for local services.
• D)Responsible for controlling power supply and health services.

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Definitions:

Lessor's Implicit Rate

The interest rate used in lease agreements, assumed by the lessor, that when applied to the lease payments, equals the fair value of the leased asset.

Ordinary Annuity

A series of equal payments made at the end of consecutive periods over a fixed length of time, such as monthly rent or annual scholarship allowances.

Present Value Factors

Multipliers used to calculate the present value of a sum to be received in the future by accounting for time value of money.

Minimum Rental Payments

The lowest amount of payment due under a lease agreement, which includes both the principal and interest components for a lease.