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Definition of Twin Deficits
The trade deficit and the government budget deficit.
A method of budgeting that develops budgets based on expected activities and cost drivers – see also activity-based costing.
planning approach applying activity drivers to estimate the levels and costs of activities necessary to provide the budgeted quantity and
The difference between exports and imports of goods.
Net flow of goods (exports minus imports) between countries.
See balance of merchandise trade.
The multiplier associated with a change in government spending financed by an equal change in taxes.
Related: Program trades.
A large trading order, defined on the New York Stock Exchange as an order that consists of
A detailed schedule of financial activity, such as an advertising budget, a sales budget, or a capital budget.
A plan expressed in monetary terms covering a future period of time and based on a defined
a financial plan for the future based on a single level
A set of interlinked plans that quantitatively describe a company’s projected
The annual period over which budgets are prepared.
The amount by which government spending exceeds government revenues.
The excess of government spending over tax receipts.
a detailed set of documents that provides information
an intentional underestimation of revenues
the difference between total actual overhead
The process of ensuring that actual financial results are in line with targets – see variance
a planned expenditure
the process of formalizing plans and committing
A firm's set of planned capital expenditures.
management’s plan for investments in longterm
List of planned investment projects.
The process of choosing the firm's long-term capital assets.
Refers generally to analysis procedures for ranking
The process of ranking and selecting investment alternatives and
a process of evaluating an entity’s proposed
The series of steps one follows when justifying the decision to purchase
capital budgeting decision
Decision as to which real assets the firm should acquire.
A forecasted summary of a firm's expected cash inflows and cash outflows as well as its
Consolidated Omnibus Budget Reconciliation Act (COBRA)
A federal Act
a process in which there is a rolling
The exchange of goods for other goods rather than for cash; barter.
An excess of liabilities over assets, of losses over profits, or of expenditure over income.
Anegative balance in the retained earnings account that is caused by cumulative
See budget deficit.
a plan that aggregates monetary details
1) A bond in default trades flat; that is, the price quoted covers both principal and unpaid,
A method of budgetary control that flexes, i.e. adjusts the original budget by applying standard
a presentation of multiple budgets that
A member who generally trades only for his own account, for an account controlled by him or
A transaction in which the settlement will occur on a specified date in the future at a price
The absence of any government restrictions, such as tariffs or quotas, on imports or exports.
See: government securities.
Government National Mortgage Association (Ginnie Mae)
A wholly owned U.S. government corporation
Negotiable U.S. Treasury securities.
Government sponsored enterprises
Privately owned, publicly chartered entities, such as the Student Loan
a budget developed by top management
A budget that takes the previous year as a base and adds (or deducts) a percentage to arrive at
trades in which an investor believes he or she possesses pertinent
trades that are the result of either a reallocation of wealth or an implementation of an
the comprehensive set of all budgetary schedules
North American Free Trade Agreement (NAFTA)
an agreement among Canada, Mexico, and the United States establishing the North American Free trade Zone, with a resulting reduction in trade barriers
a budget expressed in both units and dollars
a budget that has been developed
Planning, programming and budgeting system (PPBS)
A method of budgeting in which budgets are allocated to projects or programmes rather than to responsibility centres.
Prices after the decision to trade.
Prices occurring before or at the decision to trade.
A budget that allocates funds in line with strategies.
an approach to budgeting that relates
Also called basket trades, orders requiring the execution of trades in a large number of
Publicly traded assets
Assets that can be traded in a public market, such as the stock market.
A member of the exchange who executes frequent trades for his or her own account.
Entering the opposite side of a currently held futures position to close out the position.
see continuous budgeting
A method of budgeting in which as each month passes, an additional budget month is added such that there is always a 12-month budget.
The purchase and sale of a foreign currency, commodity, or other item for immediate delivery.
The budget deficit in excess of the deficit that in the long run keeps constant the ratio of the publically held national debt to GDP.
Terms of trade
The weighted average of a nation's export prices relative to its import prices.
Terms of Trade
The quantity of imports that can be obtained for a unit of exports, measured by the ratio of an export price index to an import price index.
A verbal (or electronic) transaction involving one party buying a security from another party. Once a
Written demand that has been accepted by an industrial company to pay a given sum at a future date.
Credit granted by a firm to another firm for the purchase of goods or services.
In an interest rate swap, the date that the counterparties commit to the swap. Also, the date on
deficit on the balance of merchandise trade.
A draft addressed to a commercial enterprise. See:draft.
A firm which deals in actual commodities.
A term used for channel stuffing in the domestic tobacco industry.
Debt levels are chosen to balance interest tax shields against the costs of financial distress.
Trade on top of
trade at a narrow or no spread in basis points relative to some other bond yield, usually
Persons who take positions in securities and their derivatives with the objective of making profits.
World Trade Organization (WTO)
the arbiter of global trade that was created in 1995 under the General Agreement on Tariffs and trade; each signatory country has one
a comprehensive budgeting process
A method of budgeting that ignores historical budgetary allocations and identifies the costs that are necessary to implement agreed strategies.
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