FACE VALUE Definition

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FACE VALUE is the value printed or written on the face of a asset, e.g. on a bill or bond.

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DISCRETIONARY SPENDING consists of US government expenditures that are set on an annual basis. It is a budget that members of Congress can adjust on a yearly basis. Examples of discretionary spending in the United States:

-defense budget
-education
-Environmental Protection Agency
-Department of Veterans Affairs

When looking to cut costs, lawmakers usually look to trimming discretionary spending. See MANDATORY SPENDING.

AVERAGE LIFE, in securities, is the weighted average retirement date of a bond issue or preferred stock; the average amount of time each dollar of principal amount will be outstanding.

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