COLLATERAL Definition

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COLLATERAL is assets used as security for the extension of a loan.

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LEK (LEK√č) is a currency of Albania.

TOP-DOWN BUDGETING is where budgets are created by starting from the highest level working towards the bottom using parametric relationships. A monetary value is placed on an individual unit (product, service, materials, and labor hour). An estimate of the number of units required is then converted to currency by multiplying the quantity of units by the unit price.

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