Which statement correctly describes a fee?

The statement that a fee is charged for services received by an individual accurately captures the essence of what a fee is. Fees are typically transactional in nature, meaning they are directly tied to specific services provided. For instance, when an individual pays a fee for a driver's license or a park entry, they are compensating the governing body for the direct service rendered. This relationship between the fee and the service illustrates the principle that fees are designed to cover the costs associated with providing those services, making this statement correct.

Other defined terms, such as taxes, serve different functions and are usually assessed based on broader criteria, not tied to specific services received. The arbitrary imposition of fees by a governing body would undermine the principle of accountability in governance and is not how fees are typically structured. Lastly, mandatory fees for service usage do not reflect the nuanced application of fees; they are generally intended to be applicable only to those who utilize the service, unlike taxes which may be applied universally regardless of usage.