In this paper, we formulate and investigate a generalized consensus algorithm which makes an attempt to unify distributed averaging and maximizing algorithms considered in the literature. Each node iteratively updates its state as a time-varying weighted average of its own state, the minimal state, and the maximal state of its neighbors. We prove that finite-time consensus is almost impossible for averaging under this uniform model. Both time-dependent and state-dependent graphs are considered, and various necessary and/or sufficient conditions are presented on the consensus convergence. For time-dependent graphs, we show that quasi-strong connectivity is critical for averaging, as is strong connectivity for maximizing. For state-dependent graphs defined by a $μ$-nearest-neighbor rule, where each node interacts with its $μ$ nearest smaller neighbors and the $μ$ nearest larger neighbors, we show that $μ+1$ is a critical threshold on the total number of nodes for the transit from finite-time to asymptotic convergence for averaging, in the absence of node self-confidence. The threshold is $2μ$ if each node chooses to connect only to neighbors with unique values. Numerical examples illustrate the tightness of the conditions. The results characterize some fundamental similarities and differences between distributed averaging and maximizing algorithms.