There Are Two Major Types of Federal Grants-In-Aid for States

question 64

Essay

There are two major types of federal grants-in-aid for states and localities: categorical grants and block grants.Define each type and show how they are used.

---

Definitions:

Merchandise Inventory

Goods that a retailer or wholesaler purchases to sell to customers, held as an asset on the balance sheet.

Work in Process

Refers to partially finished goods that are still in the production process at the end of an accounting period.

Weighted Average

A calculation that takes into account the varying degrees of importance of the numbers in a data set, often used in calculating the cost of inventory or the average cost of capital.

Unit Cost

The cost incurred to produce, purchase, or acquire a single unit of a product or service.