Fare: Payment in the form of coins, bills, tickets and tokens collected for transit rides.
Fare Box: A device that accepts the coins, bills, tickets and tokens given by passengers as payment for rides.
Farebox Recovery Ratio: A measure of the proportion of transit operating expenses covered by passenger fares. It is calculated by dividing a transit operator’s fare box revenue by its total operating expenses.
Farebox Revenue: The total value of cash, tickets and pass receipts given by passengers as payment for public transit rides.
Fare Collection System: The method by which fares are collected and accounted for in a public transportation system.
Fare Elasticity: The extent to which ridership responds to fare increases or decreases.
Fare Structure: The system set up to determine how much is to be paid by various passengers using the system at any given time.
Federal Transit Administration (FTA, formerly UMTA, Urban Mass Transit Administration): A part of the U.S. Department of Transportation (DOT) which administers the federal program of financial assistance to public transit.
Feeder Service: Service that picks up and delivers passengers to another mode of service such as an express bus, transit center, Park-&-Ride lot, or fixed-route bus.
Fixed Cost: An indirect cost that remains relatively constant irrespective of the level of operational activity.
Fixed-Route Service: Transit service provided along a specific route on a repetitive schedule with vehicles stopping to pick up or deliver passengers at designated locations placed at intervals along the route.
Fleet: The vehicles used in a transit system, including buses, rail cars, etc (also called rolling stock).
Frequency of Service: The amount of time scheduled between consecutive vehicles on a given route segment (i.e. how often the bus comes). (Also called "headway")
Fiscal Year (FY): A yearly accounting period designated by the calendar year in which it ends (e.g. FY 2001). The fiscal year for the federal government runs from October 1 through September 30. The State of Michigan and the Ann Arbor Transportation Authority also use the federal FY.
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