Final answer:
Voluntary committed cost sharing refers to an optional financial contribution by a grantee institution, made as part of a shared commitment to a project, without being mandated by the funding agency. It becomes a binding commitment once promised. In contrast, entitlement spending is formula-based spending directed to individuals who meet specific eligibility criteria.
Step-by-step explanation:
The term voluntary committed cost sharing most accurately describes an optional financial contribution that is not mandated by the funding agency but is offered by the grantee institution or organization. It represents a shared commitment to a project, typically indicated in a grant proposal, where the institution voluntarily agrees to provide certain resources or funds in support of the project above what is required by the funder. Unlike mandatory cost sharing, which is required as a condition for receiving a grant, voluntary committed cost sharing is not imposed by the funding agency but, once promised, it becomes a binding commitment that the institution must fulfill.
As for the reference question about entitlement spending, the most accurate description is formula-based spending that goes to individual citizens. Entitlement programs are designed to provide financial benefits to individuals who meet certain eligibility requirements, such as Social Security, Medicare, and Medicaid.