5) When payrolls and other liabilities are incurred and must be paid before substantial amounts of cash will be collected, what type of short-term note is desirable and secured by a government's power to tax? 

A. Tax Encumbrances Note Payable 
B. Tax Budget Note Payable 
C. Tax Relief Note Payable 
D. Tax Anticipation Note Payable 

 

6) What type of serial bond schedules an increase each year in annual principal repaymentapproximately equivalent to the decrease in interest payments

A. Regular 
B. Irregular 
C. Deferred 
D. Annuity

 

7) What is the effect on the General Funds’ unreserved fund balance when capital assets are purchased during a year from General Fund revenues?

A. There is no effect, since one asset (cash) is replaced by another (capital asset)

B. Unreserved fund balance is decreased

C. Unreserved fund balance is increased

 

D. None of the above, capital assets must be purchased through a capital projects fund

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