FISCAL PERIOD Definition

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FISCAL PERIOD is a unit of time (corresponding to calendar months) into which the fiscal year is divided. Period 1 is July 1st through July 31st, and so on. An extra accrual period also exists. See 13TH PERIOD.

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FISCAL LEVERAGE is the ability of a government to affect economic conditions and/or actions of others through fiscalist policies.

COMMON LAW is an unwritten body of law based on general custom in England; it is used to some extent in the United States.

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