The Police Department of a Given City Received an Appropriation

question 51

Multiple Choice

The Police Department of a given city received an appropriation in the amount of $8,000,000 for the fiscal year ended June 30,2014.During the month ended July 31,2013,the following transactions occurred: (a) purchase orders were issued in the amount of $500,000; (b) purchase orders,related to (a) above,were filled in the amount of $460,000; the related invoice amount was $463,000; invoices were paid in the amount of $450,000; (c) salaries were accrued and paid in the amount of $480,000.The balance available for the police department as of July 31,2013 is:

• A) $7,010,000.
• B) $7,017,000.
• C) $7,000,000.
• D) $7,007,000.

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Definitions:

Labor Force

The labor force comprises all the working-age population that is either employed or actively seeking employment.

Output

The total amount of goods and services produced by an economy over a specific time period.

Real GDP

Real GDP refers to the total economic output of a country, adjusted for inflation, representing the value of all goods and services produced over a specified period.

Growth Rate

Growth rate measures the increase in value of a particular variable, such as the economy, a business, or an investment, within a specific time frame.