Typically Budgetary Authority That Is Not Obligated by a Federal

question 26

True/False

Typically budgetary authority that is not obligated by a federal agency before the end of the fiscal year is returned to Treasury.

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Definitions:

Repayment Period

The time frame agreed upon within a loan agreement for the borrower to pay back the borrowed amount plus any applicable interest.

Promissory Note

Commercial paper or instrument in which the maker promises to pay a specific sum of money to another person, to his order, or to bearer.

Cosign

To sign jointly with another or others, especially in agreeing to be responsible for a loan if the primary borrower defaults.

Minor

A person who is under the legal age of majority, and therefore has limited legal rights and responsibilities.