The Following Are Key Terms in Chapter 15 That Relate

question 18

Essay

The following are key terms in Chapter 15 that relate to accounting for colleges and universities:
A.Term endowments
B.Annuity agreements
C.Collections
D.Pooled life income agreements
E.Spending rate
F.Total return

---

Definitions:

Shadow Welfare State

A term describing indirect government social welfare policies implemented through tax breaks, subsidies, and other means not directly recognized as social welfare spending.

Tax Breaks

Governmental incentives that reduce the tax liability of individuals or businesses, encouraging certain economic activities or investments.

Tax Expenditures

Tax expenditures are government revenue losses attributed to tax provisions allowing special exclusions, exemptions, or deductions from taxable income or providing tax credits.

National Treasury

The government department responsible for developing and implementing the country’s financial and tax policies, managing government revenue, and economic policy.