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RESERVE REQUIREMENTS: Rules by the Federal Reserve System governing the amount of bank reserves that banks must keep to back up their deposits. Legal reserve requirements came about because banks that practice fractional-reserve banking are sometimes inclined to make too many interest-paying loans and neglect to keep enough reserves on hand to pay their depositors. In principle, the Fed can alter reserve requirements to control the money supply. In practice, however, the Fed prefers to use open market operations or the discount rate.
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INTERNAL REVENUE SERVICE A branch of the Department of Treasury that is responsible for collecting federal income taxes and administering the Internal Revenue Code. The Internal Revenue Service (IRS) is the office of the U.S. government that collects the tax revenue needed to purchase goods, pay administrative expenses, and finance assorted government functions. The IRS was established during the Civil War in 1862, but underwent a major overhaul in 1913 when the 16th amendment to the U.S. Constitution gave it the power to collect income taxes.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for infected paper cuts.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Things turn out best for the people who make the best of the way things turn out." -- Art Linkletter
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IIP
Index of Industrial Production
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