PROPRIETARY Definition

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PROPRIETARY is an account, item, or information belonging to a company or individual. See PROPRIETARY ASSET.

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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.

PREPAYMENT is the payment of all or part of a debt prior to its due date.

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