The Primary Source of Revenues to Local Governments Is

question 1

Multiple Choice

The primary source of revenues to local governments is

• A)property tax.
• B)income tax.
• C)fines and fees.
• D)payroll tax.

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Definitions:

Nonrefundable Up-Front Fees

Payments made upfront for services that will not be returned, even if the service or product is not used or delivered as expected.

GAAP

Generally Accepted Accounting Principles; a set of accounting standards and practices used to prepare financial statements in the U.S.

Service Contract

A service contract is a legally binding agreement between two parties where one agrees to provide a specified service to the other for a payment.

SEC

The U.S. Securities and Exchange Commission, a federal agency that regulates the securities markets and protects investors.