State and Local Governments May Use Twelve Different Fund Types

question 81

True/False

State and local governments may use twelve different fund types.

Calculate cost formula per unit and per activity measure from given data.

Apply the concepts of budgeting and variance analysis to different types of costs (variable, fixed) and activities (jobs, meals, flights, etc.).

Analyze the impact of changes in activity levels on budgeted and actual costs.

Determine the budgeted and actual cost given a cost formula and activity data.

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Definitions:

Productivity Growth

The increase in the efficiency of production, measured by the amount of goods and services produced per unit of input.

Unionized Workers

Employees who are members of a union, which is an organized association formed to protect and further their rights and interests.

Substitution Effect

The economic understanding that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.

Income Effect

The change in an individual's or economy's purchasing power due to a change in income, affecting the quantity of goods and services bought.