ZERO BASED BUDGET Definition

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ZERO BASED BUDGET is where the expenses or costs of the prior year are not taken into consideration when establishing expense or budgetary levels looking forward. Each expense category starts from zero. All expenses or cost levels within the budget must be justified or re-justified as being necessary; thus "zero-base".

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CURRENCY TRANSLATION see FOREIGN CURRENCY TRANSLATION.

BOOK-TO-MARKET is the ratio of the firms book equity to market equity.

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