Federal Financial Assistance is Broadly Defined in the Single Audit

question 90

True/False

Federal financial assistance is broadly defined in the Single Audit Act as assistance provided by a federal government agency in the form of grants, contracts, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, or direct appropriations, and direct federal cash assistance to individuals.

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Definitions:

Standard of Living

The measure of fiscal prosperity, convenience, material assets, and critical needs granted to a select socioeconomic layer or specific geographic territory.

Goods and Services

Physical items (goods) and intangible assistance or work (services) provided to satisfy the needs and wants of consumers.

Total Supply of Money

The total amount of monetary assets available in an economy at a specific time, including cash, bank deposits, and liquid assets.

Rates of Growth

The rate at which a variable such as output, income, or population expands over a specific period of time, usually expressed as a percentage.