In Theory, Texas Has a Dual-Budget System, Meaning the Budget

question 18

Multiple Choice

In theory, Texas has a dual-budget system, meaning the budget authority is shared by the governor and the legislature; however, in practice, the primary player(s) in the budget is/are

• A) the governor.
• B) the legislature.
• C) the taxpayers.
• D) special interests.
• E) the courts.

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Definitions:

Notes and Bonds

Financial instruments representing a loan made by an investor to a borrower, typically corporate or governmental, where bonds are longer-term than notes.

Fair Value

The estimated market value of an asset or liability, based on current conditions and mutually agreed upon by both buyer and seller.

Trading Investments

Financial assets that a company intends to buy and sell within a short time frame, typically to capitalize on short-term market movements.

Historical Cost

The original monetary value of an asset or investment at the time of its acquisition or payment, not adjusted for inflation or market changes.