A Director Can Be Elected by the Other Members of the Board

question 10

True/False

A director can be elected by the other members of the board.

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Definitions:

Expenditures

Funds spent by a business in the pursuit of profit and other business activities, including operating and capital expenses.

Private Purpose Trust Fund

A fund typically used by governmental entities to report all other trust arrangements under which principal and income benefit individuals, private organizations, or other governments.

Fiduciary Fund

A fund used to account for assets held by a government in a trustee or agency capacity for individuals, private organizations, or other governments.

Special Revenue Fund

A fund used by a government to account for revenue from specific sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.