Outstanding Liabilities of Federal, State, and Local Governments Minus Government

question 118

Multiple Choice

Outstanding liabilities of federal, state, and local governments minus government financial assets is _____

• A) gross debt.
• B) net debt.
• C) twin deficit.
• D) debt ceiling.
• E) budget deficit.

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Definitions:

Petty Cash

A small amount of cash kept on hand for minor, incidental expenses.

Cash Over And Short

An account used to report minor discrepancies between physical cash amounts and accounting records.

Receipts For Disbursements

These are documents that serve as proof of payment transactions, such as the payment of expenses or the distribution of cash.

Petty Cash Fund

A minimal sum of money kept in reserve for covering minor costs that aren't worth issuing a check for.