Antisdill

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excise duty (H2)<br />An indirect tax levied on a specific good, especially petrol, alcohol or tobacco. Duties of this kind have been an important source of government revenue in some countries, e.g. the USA, for longer than INCOME TAXES. Given the INELASTICITY of demand for these goods, they provide a reliable source of revenue. Also, the duties have been imposed as TARIFFS to protect domestic industries from the competition of imports.<br /><em>See also:</em> direct and indirect taxation

<strong>U.S. National</strong> – As defined by the Immigration and Nationality Act, a U.S. citizen or a noncitizen who owes permanent allegiance to the United States. This term includes all U.S. citizens as well as the citizens of American Samoa and Swain' s Island.

<strong>Accrued interest</strong> – Each day interest is calculated on the unpaid principal balance of a loan and increases (accrues). Interest accrues on a subsidized Stafford Loan after the grace period is completed and the borrower enters repayment. For unsubsidized Stafford, parent PLUS, and Grad PLUS Loans, on the other hand, interest begins to accrue after the first disbursement of the loan.

and dealing in secuntles. It consists of either executing the orders of other investors or proprietary trading when a bank deals on its own account. The GLAss STEAGALL ACT ordered the separation of investment from deposit-taking banking, thereby preventing the growth of F!NANCIAL CONGWMERATES to the extent which has subsequently become possible in the UK. In the USA the TOP 'BULGE-BRACKET' FIRMS are virtually an oligopoly, having 80 per cent of the business in debt and other securities markets.<br /><em>See also:</em> merchant bank

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