Chapter 4 Flashcards
the cash or other assets that will be converted into cash in a certain timeframe to cover obligations of the current period.
current financial resources
grants contingent upon a specified occurrence or action on the part of the recipient (matching)
contingent grant
based on exchange transactions between parties other then the taxing government (sales and income)
Derived tax revenues
payments, to which a state or local government or an individual is entitled as a matter of law in an amount determined by a specified formula
entitlement
transactions that occur when a government provides resources to another government and requires that the recipent use the resources for a specific purpose (road improvements, acceptance and use mandatory)
government-mandated nonexchange transaction
assessments imposed on individuals and business entities (taxes)
imposed nonexchange revenues
claim that a government has on property
lien
on-behalf payments
payments made by one government for the benefit of another (pension paid by state for school)
pass-through grants
grants that a government must transfer to, or spend on behalf of, a secondary recipient
payments in lieu of taxes
amounts paid by one government in place of property taxes they are not required to pay.
purpose restricitons
stipulations, usually as part of a grant, as to the purpose for which the resources must be used.
restricted grants
payments intended for specified purposes, projects, or activities
revenues levied by one government, but shared on a predetermined basis with other governments
shared revenues
stipulations as to the time period in which resoures must be used or when use may begin
time requirements
unrestricted grants
grants that are unrestriced as to purpose, project, or activity
