Budgets Are Normally Based on Fiscal Years

question 19

Multiple Choice

Budgets are normally based on fiscal years.The fiscal year most commonly used by state and local governments is

• A)July 1 through June 30.
• B)June 1 through May 31.
• C)January 1 through December 31.
• D)October 1 through September 30.

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Definitions:

Monetary Policies

Economic strategies implemented by a country's central bank to control the supply of money and interest rates.

Currency Supply

Currency supply is the total amount of a country's currency that is in circulation or in the commercial banking system, affecting inflation, interest rates, and economic growth.

Price Stability

An economic condition in which prices in the economy do not change drastically over time, minimizing inflation and deflation to promote predictable economic planning.

Purchasing Value

The worth of goods or services that can be bought with a specified amount of currency.