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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.

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CHECK CLEARING

The process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another. Check clearing is the heart and sole of daily banking activity and the final step in the use of checkable deposits as the medium of exchange for conducting transactions in the economy. Check clearing is facilitated by central clearinghouses, including the Federal Reserve System and a number of private organizations. The check clearing process is also a key component of the money creation process.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for poorly written technical manuals.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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-- John Irving, writer

NI
National Income, Net Income
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