M1 Definition

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M1 is the narrowest measure of the U.S. money supply; includes currency in circulation plus demand deposits (checking account balances).

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CORPORATE BOND is evidence of debt owed by a corpora­tion, issued for the purpose of borrowing money, and promising to return the face value of borrowed money at maturity. Corporate bonds usually pay interest at regular intervals twice each year.

INTEGRITY is consistent adherence to an ethical code. If client management lacks integrity the auditor must be more skeptical than usual.

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