1. A city council approved its 2023 budget. Revenues from property taxes are estimated to be $1,200,000. The assessed value of all the property in the city is $50 million. The city has received certificates for property tax exemptions of $6 million. The city believes all property taxes will be collectible. What property tax rate per $1,000 of net assessed value must the city charge to collect sufficient property taxes to meet its $1,200,000 estimate?

a. $27.27 for each $1,000 of net assessed value

b. $24 for each $1,000 of net assessed value

c. $2.73 for each $1,000 of net assessed value

d. $22 for each $1,000 of net assessed value

2. Using a governments expenditure classifications is not difficult because each lower-level subclassification rolls up into the next higher-level subclassification.

Select one:

True

False

3. From a budgetary perspective, when a government records an encumbrance it means an amount that it appropriated is no longer available for the government to spend.

Select one:

True

False

4.