FIXED BUDGET Definition

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FIXED BUDGET is a budget that is not adjusted for changes in the volume of service. See FLEXIBLE BUDGET.

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EFFECTIVE INTEREST RATE is the cost of credit on a yearly basis expressed as a percentage. Includes up-front costs paid to obtain the loan, and is, therefore, usually a higher amount than the interest rate stipulated in the note.

ACCOUNTING EVENT is when the assets and liabilities of a business increase/decrease or when there are changes in owners equity.

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