Appendix 7: Answers to Reinforcement Quizzes
Answers to Reinforcement Quiz ñ Section I, Chapter 5
1. What is a heritage asset?
Answer: A heritage asset is an asset that governments retain for
future generations because of its historical significance, natural
beauty, artistic merit, etc.
2. How does real property differ from personal property?
Answer: Real property consists of land, buildings, and other items
attached to the land, i. e., items that cannot be moved. Personal
property consists of all other types of assets, such as equipment,
supplies, and intangible assets (copyrights, patents, stocks and bonds,
etc.).
3. Real property should be safeguarded from:
a. terrorist attacks.
b. fire.
c. weather damage.
d. all of the above.
Answer: (d). All of the above.
4. Name three ways to dispose of property.
Answer: Three ways to dispose of property are to:
A. sell it.
B. trade it in.
C. scrap it.
5. What information would probably not be documented in property record-
keeping?
a. replacement value
b. acquisition cost
c. depreciation
d. accountability
Answer: (c). Depreciation is an accounting entry. Property
management systems do not routinely track depreciation.
Online version, for personal use only AGA Study Guide 3, 2016 Edition

Appendix 7: Answers to Reinforcement Quizzes
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Online version, for personal use only AGA Study Guide 3, 2016 Edition

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AGA CGFM Study Guide 3: Governmental Financial Management and Control