NET ASSET VALUE (NAV) in securities, except money market funds which always have a NAV of $1.00, represents the market value or price of one fund share. It is calculated by the total value of the funds portfolio less liabilities divided by the number of shares; or, in corporate valuations, it is a measure of the shareholders' aggregate wealth in the company, which is defined as the actual or hypothetical market value of the company's assets less its liabilities.
NONCOMPETITIVE BID, in securities, is a bid allowed to be placed on a noncompetitive basis by the U.S. Treasury at one of its securities auctions. A bidder in this case does not specify the price at which it wishes to purchase these securities. However, at the close of bidding, it is awarded all or part of the number of bonds it asked for at the average price of all the accepted competitive bids.
UNDER-BILLING is not recovering the full value of the agreed upon price or not billing for the correct amount of services or goods provided (usually unintentional).
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