A City Determines in the Current Year That It Has

question 43

Multiple Choice

A city determines in the current year that it has three major governmental funds, including the General Fund, and two major enterprise funds. The city will

• A) Always have three major governmental funds and two major enterprise funds.
• B) Evaluate each year which funds are major and which funds are considered to be nonmajor except the General Fund which is always considered a major fund.
• C) Only be required to show a separate column for the General Fund.
• D) Be able to report all of the major funds in one column on the respective fund financial statements.

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Definitions:

Disposable Income

The net income available to an individual or household for saving or spending after income taxes have been deducted.

C + I

An abbreviation for "Consumption + Investment," which are components used in calculating gross domestic product (GDP) in the expenditure method.

Disposable Income

Money that households can allocate towards savings and spending after income tax charges.

C + I

An economic term that represents the sum of consumer spending (C) and investment spending (I); key components of the Gross Domestic Product (GDP) formula.