96.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.
97.Which type of pension plan is required to pay out a certain sum, generally based on a percentage of salary upon retirement and the number of years of service?
A)Defined Benefit
B)Defined Contribution
C)Contributory
D)Noncontributory
98.What account should be credited in a pension trust fund to record employee contributions?
A)Other Financing Sources
B)Net Position
C)Pension Benefit Obligation
D)Additions
99.Which of the following fundsis used to accountfor the external portion of investment pools?
A)Special Revenue Fund
B)Investment Trust Fund
C)Enterprise Fund
D)Private-purpose Trust Fund
100.Churchville County is trustee for a multi-government investment pool and has established an investment trust fund. Included in the investment trust fund, for management purposes, are investments in the amount of $15 million from the County's General Fund, $3 million from the County's special revenue funds, and $112 million from other governments. Which of the following would be true?
A)The County would report $18 million in an investment trust fund.
B)The County would report the entire $130 million in an investment trust fund.
C)The County would report the $112 million in an investment trust fund, the $15 million in its General Fund, and the $3 million in special revenue funds.
D)The County would report the $112 million in an investment trust fund and the$18 million in a permanent fund.
101.Clinton County maintains an investment trust fund for the investments of governments within its borders. All the investments had determinable fair values. Which of the following is true regarding investment trust funds and investments in general?
A)Clinton County would report the investments of the other governments at fair value in the investment trust funds.
B)Clinton County would report its own investments at fair value in the investment trust funds.
C)Both of the above.
D)Neither of the above.
102.When a government is the sponsor of a multi-government investment pool, the government should report the external portion of those trust assets in a(n):
A)Pension Trust Fund.
B)Investment Trust Fund.
C) Private-Purpose Trust Fund.
D) Agency Fund.
103.Escheat property is best described as which of the following?
A) Property possessed by a local government, but whose use is restricted by a
higher government.
B) Property a government obtains and holds for the rightful owner in the
absence of claimants or heirs.
C) Property gifted to the government by private citizens.
D) Property the government obtains via eminent domain.
104.Fund net position will
not
be found in…
A)Investment trust funds.
B)Pension trust funds.
C)Agency funds.
D) Private-purpose trust funds.
105.James McHughes gave the following to the City of Carnesville in order to establish a private-purpose trust:
o Land – cost, $400,000; fair market value as of the date of the gift, $500,000.
o Securities – cost, $1,600,000; fair market value as of the date of the gift, $1,800,000.
The amount to be recorded as additions for gifts by the private-purpose trustA) $2,000,000.
B)$2,100,000.
C)$2,200,000.
D)$2,300,000.