Finance
Finance
Finance (pronunciation: /fɪˈnæns/ or /ˈfaɪnæns/) is a term for matters regarding the management, creation, and study of money and investments.
Etymology
The term "finance" originated from the French word financer, which means to pay a ransom. It was adopted by English in the 15th century to mean "the management of money".
Definition
Finance typically refers to the activities that involve how money is managed and the process of acquiring needed funds. It encompasses the oversight, creation, and control of money, assets, investments, and other financial resources.
Types of Finance
Finance can be broadly divided into three categories:
- Personal finance: This involves all financial decisions and activities of an individual or household, including budgeting, insurance, mortgage planning, savings, and retirement planning.
- Corporate finance': This involves the financial activities related to running a corporation. It includes a multitude of complex tasks related to managing corporate funds and capital investment decisions.
- Public finance: This involves the role of the government in the economy. It is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.
Related Terms
- Investment: The action or process of investing money for profit or material result.
- Economics: The branch of knowledge concerned with the production, consumption, and transfer of wealth.
- Accounting: The measurement, processing, and communication of financial information about economic entities.
- Banking: The business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to conduct economic activities such as making profit or simply covering operating expenses.
External links
- Medical encyclopedia article on Finance
- Wikipedia's article - Finance
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