LETTER OF CREDIT, CONFIRMED Definition

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LETTER OF CREDIT, CONFIRMED is a letter of credit that is guaranteed by a bank that is acceptable to a seller (usually a local bank), regardless of buyers bank.

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UNAUDITED OPINION is a qualified opinion by a Certified Public Accountant who has not audited the relevant financial statements.

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.

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