Which of the Following Statements About PACs Is True

question 66

Multiple Choice

Which of the following statements about PACs is true?

• A) They must report contributions from those who donate as little as one dollar.
• B) The maximum contribution is US$ 5,000.
• C) They are only permitted to donate money in congressional elections.
• D) They must raise money from at least two thousand people.

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Definitions:

Special Revenue Funds

Funds used by governments to account for revenue from specific sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.

Enterprise Funds

Funds used by a government to account for operations financed and operated in a manner similar to private business enterprises, where the intent is that the costs of providing goods or services to the public on a continuing basis be financed or recovered primarily through user charges.

Capital Projects Funds

Governmental accounting funds used to account for financial resources that are allocated for the acquisition or construction of major capital assets by a government, except those financed by proprietary funds.

Debt Service Funds

Governmental funds used to account for the accumulation of resources for, and the payment of, long-term debt principal and interest.