Final answer:
The synonym of 'fiscal' is 'budgetary' and is associated with financial matters, particularly government or business accounting periods. The fiscal year is significant for budgeting and determining annual deficits or surpluses.
Step-by-step explanation:
The synonym of fiscal is budgetary. When we say 'fiscal year,' we are referring to a period used for accounting purposes, which is often used by governments and businesses for budgeting, accounting, and taxation. The federal budget, prepared for a fiscal year that begins on October 1 and ends on September 30 the following year, is informed by consultations with the Office of Management and Budget (OMB), the Council of Economic Advisors, and other important entities to ensure the nation's finances are effectively managed. This is a crucial time when the federal government assesses the annual budget deficit or surplus, which represents the difference between tax revenue collected and government spending over a fiscal year.