An Older Type of Federal Grant, in Which Statistical Criteria

question 103

Multiple Choice

An older type of federal grant, in which statistical criteria are used to determine how much funding that a state or local government will receive, is the ___________ grant.

• A) project
• B) formula
• C) entitlement
• D) community redevelopment

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Definitions:

Financial Statements

Standardized documents that provide an overview of a company's financial performance and position, including the balance sheet, income statement, and cash flow statement.

Operating

Pertains to the regular, ongoing activities of a business that are involved in the production or sale of goods and services.

GAAP

Generally Accepted Accounting Principles; a framework of accounting standards, rules and procedures defined by the professional accounting industry, used to compile financial statements.

FASB

The Financial Accounting Standards Board, an organization that establishes financial accounting and reporting standards in the United States.