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FISCAL YEAR: The 12-month period government uses for collecting taxes, appropriating spending, and otherwise tabulating its budget. A government's fiscal year need not be identical to the standard January to December calendar year. The fiscal year used by the U.S. Federal government, for example, runs from October through September. State and local governments often have fiscal years running from July through June. For most governments, the fiscal year is self-contained spending period. The revenue appropriated to a government agency needs to be spent during the fiscal year.
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PRINCIPAL-AGENT PROBLEM A disconnection or conflict between the objectives and goals of the principal and those of the agent authorized to represent the principal. The principal-agent problem arises because an agent is given the responsibility and authority to take actions that affect both the principal, but can also affect the agent. This problem is common in corporate management, where the principal is shareholders and the agent is managers. It is also common in government, where the principal is the public and the agent is elected leaders.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, „I used everything you gave me.¾" -- Erma Bombeck, writer
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VAT
Value Added Tax
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