Final answer:
A fund is indeed both a fiscal and accounting entity, used for segregating resources and preparing financial statements. Key points from the True or False statements include recognition that federal spending has increased, but the U.S. government does not control a large share of the economy by world standards, and foreign aid represents about 1% of federal spending.
Step-by-step explanation:
The statement that a fund is both a fiscal and an accounting entity is True. In the context of government and financial accounting, a fund is a fiscal entity that segregates resources according to specific activities or objectives for the purpose of tracking and ensuring legal compliance. Likewise, as an accounting entity, it allows for the preparation of financial statements that show the financial position and the results of financial operations for each fund.
Let's also address the True or False statements you have:
- Federal spending has indeed grown substantially in recent decades, which is True.
- The U.S. government controls a relatively small share of the U.S. economy by world standards, which makes the statement False.
- It is True< that a majority of the federal government's revenue is collected through personal income taxes.
There are also several statements that are False:
- Education spending is actually larger at the state and local level than at the federal level.
- State and local government spending has also risen in recent decades.
- While defense spending is substantial, it is not currently at its highest historical level.
- The share of the economy going to federal taxes has been relatively stable over time, not substantially increasing.
- Foreign aid constitutes a much smaller portion of federal spending, at around 1%.