Finance is a common term that is ubiquitous and is one of the most essential aspects of our day to day life. There have been a number of scholars who have derived their own conclusions and tried to interpret this science in their own style and language. However this science is just about money, be it liquid cash or credit. Both these terms have their own applicability but the similarity between these two is the purchasing power that they offer.
Generally speaking, we can say that this science is all about money and it is a science of managing funds. It is about raising and spending the public revenue, in broader terms. It involves various factors such as money, investment, credit and banking, etc. this science actually comprises of three major areas namely, public finance, business finance and personal finance. While taking about the banking scenario we can say that it is referred as lending money and saving money. Time, risk and money are the three fundamental concepts of this science. Any financial activity takes place in accordance to all of these and their correlation decides the precise position of each transaction. Further in this article we are going to explain some important terms related to it; Read more