COMMITMENT Definition

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COMMITMENT is the act of standing behind a policy whose value ends when the policy is concluded. For example: " We made a commitment to do this".

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401 (K) PLAN is a retirement plan in the United States that allows qualified employees to contribute money from their paychecks into a tax-sheltered account.

ACTUAL COST is the amount paid for an asset; not its retail value, market value or insurance value.

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