In 2010, the Largest Percentage of Federal Grants to State

question 60

Multiple Choice

In 2010, the largest percentage of federal grants to state and local governments was for the provision of which of the following services?

• A) homeland security
• B) Medicaid
• C) transportation
• D) education
• E) community and regional development

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Definitions:

Account Balances

These reflect the amount of money within a financial account at any given time.

Transaction

An economic event that involves a transfer of value between two or more entities, leading to a change in their financial position.

Trial Balance

An accounting report that lists the balances of all ledgers in two columns, debits and credits, ensuring that total debits equal total credits.

Debit Balances

Accounts with a balance that represents amounts owed or expenses; typically assets and expenses accounts.