Examlex
Which of the following steps in the federal government's budgetary authority process is most similar to the recording of encumbrances by state and local governments?
Installment Purchase
A method of buying goods through a series of payments over time, where the buyer gains possession of the item immediately but pays for it in periodic installments.
Authorized Shares
The maximum number of shares that a corporation is legally allowed to issue, as specified in its articles of incorporation.
Outstanding
Refers to something not yet resolved or paid; in finance, it typically relates to shares issued and still in circulation or debts that have not been settled.
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