The term holiday is most commonly described as a day set aside for the commemoration of an important event. Holidays are often accompanied by public ceremonies, such as parades and carnivals, and by religious observances; they may also be simply a time for relaxation.
Days of commemoration are observed throughout the world such as, Bastille Day in France, May Day in Russia, and the New Year in China. National holidays are observed throughout a country and are considered legal if proclaimed by the central government. In the United States the state governments have jurisdiction over the celebration of holidays, except with regard to federal employees and agencies. On legal holidays banks and schools are closed and business transactions are restricted.