114.Fund equity will not be found in…
A) Investment trust funds.
B) Pension trust funds.
C) Agency funds.
D) Private-purpose trust funds.
115.An endowment to support scholarships would most likely be accounted for in which of the following fund types?
A) Agency Fund.
B) Investment Trust Fund.
C) Private-Purpose Trust Fund.
D) None of the Above.
116.The terms used for classification of items on the Statement of Changes in Fiduciary Net Assets are:
A) Revenues and Expenses.
B) Additions and Deductions.
C) Revenues and Expenditures.
D) Contributions and Expenses.
117.A county treasurer maintains an investment pool in which several different towns in the county hold investments. Where should the towns’ investments be recorded?
A) Investment Trust Fund.
B) Agency Fund.
C) Private-purpose Trust Fund.
D) None of the above.
118.An employee enrolls in a pension plan that will pay out 3% of the employee’s average salary for the last 3 years for each year of service that the employee worked. What type of pension plan does the employee have?
A) Defined Contribution Plan.
B) Normal Payout Plan.
C) Defined Benefit Plan.
D) None of the above.
119.The “external portion” of an investment trust fund relates to…
A) The portion of the investment that legally belongs to the sponsoring government.
B) The portion of the investment that is allocated among the sponsoring government’s funds.
C) The portion of the investment that belongs to other participating governments.
D) “External portion” relates only to agency funds, not investment trust funds.
120.Governments that contribute to single employer and agent multiple-employer plans compute annual pension cost as the _________?
A) Annual required contribution.
B) Normal cost.
C) Unfunded actuarial liability.
D) Net pension obligation.
121.Which of the Fiduciary Funds listed below is used to account for the assets held by a government acting as an agent for one or more other governmental units?
A) Private-purpose Trust Fund.
B) Permanent Fund.
C) Pension Fund.
D) Agency Fund.
122.A ___________ is used when a contributor and a government agree that the principal and/or income of trust assets are for the benefit of individuals.
A) Investment Trust.
B) Private-Purpose Trust.
C) Pension Trust.
D) Employee Benefit Trust.
123.A pension plan that is required to pay out only the amount that has been accumulated for each employee is a ________?
A) Defined Benefit Plan.
B) Private-Purpose Plan.
C) Defined Withdrawal Plan.
D) Defined Contribution Plan.