SPECIAL MEMORANDUM ACCOUNT Definition

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SPECIAL MEMORANDUM ACCOUNT (SMA) is a sub-account of a margin account for excess equity. It can be withdrawn or used to buy more securities.

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FIXED CAPITAL includes the value of the purchases and own-account construction of fixed assets by enterprises, households, private non-profit institutions, and general government for civil defense. Its components include construction and durable equipment.

EMPLOYEE BENEFITS is non-wage compensation provided to employees, such as group insurance, retirement benefits, day care, tuition reimbursement, and specialized benefits.

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