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ZERO-BASE BUDGET: A method of budgeting expenditures in which each expenditure is justified on its overall merits rather than being based on the budget for the previous year. A zero-base budget is most often proposed (but seldom implemented) for governments. Governments generally establish budget expenditures based on expenditures for the previous year. If, for example, budget expenditures last year were $100 billion, the requested budget for this year might be set at $110 billion. The existing $100 billion is a "given" and only the extra $10 billion is justified. With a zero-base budget, the entire $110 billion is justified.
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Lesson 18: Banking | Unit 2: Banking Details
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Page: 6 of 24
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The second type is a savings and loans association. History: - Created by the Federal Home Loan Act after the WWII.
- Promoted homed ownership for the middle class.
- Regulated by the Federal Home Loan Bank and by the Federal Savings and Loan Deposit Insurance Corporation.
- Operated during the 50's and 60's using the 3-6-3 rule.
- Used savings accounts to make mortgage loans.
- Didn't offer checking accounts or business loans.
Changes in the 70's: - Went for riskier loans and offered checking accounts.
In the 80's: - Many went out of business, others merged with traditional banks, and a few survived.
- Operate now like traditional banks: Offer the same services and come under the same regulations.
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FEDERAL OPEN MARKET COMMITTEE A committee of the Federal Reserve Board that is charged with conducting open market operations and is more generally responsible for guiding monetary policy. It is comprised of the 7 members of the Board of Governors and the Presidents of 5 Federal Reserve District Banks. The Federal Open Market Committee (FOMC) meets about eight times a years, on average every six weeks, usually on a Tuesday, to set the course of monetary policy. The Chairman of the Federal Reserve Board is also the Chairman of the FOMC. The President of the New York Federal Reserve Bank is always on this committee and is invariably selected as the Vice Chairman of the FOMC.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for pencil sharpeners with an attitude.
Your Complete Scope
This isn't me! What am I?
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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LCH
Life Cycle Hypothesis
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