A Public College Had Tuition and Fees of $20,000,000

question 27

Multiple Choice

A public college had tuition and fees of $20,000,000. Scholarships, for which no services were required, amounted to $2,000,000. Graduate assistantships, for which services were required, amounted to $1,000,000. The amount to be reported by the public college as net tuition and fees would be:

• A) $20,000,000
• B) $19,000,000
• C) $18,000,000
• D) $17,000,000

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Definitions:

Fiduciary Duty

A legal obligation of one party to act in the best interest of another, often applicable in trustee-beneficiary and advisor-client relationships.

Breach

An act of breaking or failing to observe a law, agreement, or code of conduct.

Principal's Termination

The end of an agency relationship by the decision of the principal, who is the individual or entity that has empowered another to act on their behalf.

Exclusive Agency

An agency in which a principal grants an agent an exclusive territory and does not allow another agent to compete in that territory.