7. The independent authority or board for accounting and reporting that sets the standard for state and local government in the US is:

1. Financial Accounting and Standards Board (FASB)
2. Federal Accounting Standards Advisory Board (FASAB)
3. Governmental Accounting Standards Board (GASB)
4. Internal Revenue Service

_______8. Which type of estimating solvency is measured by operating ratio: total revenue/total expenses?

1. Cash Solvency
2. Long Run Solvency
3. Service Level Solvency
4. Budget Solvency