An account is both a record of an individual’s or organization’s financial transactions and an arrangement in which an institution holds funds for a client or offers goods or services on credit to clients.
Archive for the ‘Daily Definition’ Category
An Account is…
Thursday, July 30th, 2009A Standard Deduction is…
Wednesday, July 29th, 2009A standard deduction is a predetermined reduction in the amount of income taxes you have to pay. The value of your standard deduction is determined by your filing status, your age, whether or not you are blind, and whether anyone can claim you as a dependent.
A Credit Record is…
Wednesday, July 29th, 2009A credit record is a history of how you’ve borrowed and repaid debts, especially credit card debts. Your credit record is used by credit bureaus to put together your credit score or rating. This rating helps determine how easy it will be for you to get a loan. So be aware, it’s important to make payments on time!
A Grantee is…
Wednesday, July 29th, 2009A grantee is a person or institution who receives a grant. A grantee is usually gifted with this money in order to fund an enterprise of some sort – a charitable organization or scientific research, for example.
A Voting Share is…
Wednesday, July 29th, 2009A voting share is a portion of a company that you own (a share) that gives you the right to vote on major business decisions for the company. As a shareholder, you can go to the annual meeting (or vote via proxy) on important issues such as corporate policy and who serves on the board of directors.
Personal Income is…
Wednesday, July 29th, 2009The Fortune 500 is…
Wednesday, July 29th, 2009The Fortune 500 is a list, compiled annually by Fortune magazine, that ranks the top 500 US Companies by Gross Revenue.
Tax-Exempt Income is…
Wednesday, July 29th, 2009Tax-exempt income is that portion of your income which is not subject to taxation. Examples of the types of income which are (generally) tax-exempt include tax refunds, interest on municipal bonds, some scholarships, welfare benefits, and much more.
Gross Earnings are…
Wednesday, July 29th, 2009Gross earnings are the total taxable income or revenue of an individual or a company before adjustments are made. In other words, if an individual earns $70,000 a year before taxes, that number represents her gross earnings. For publicly traded companies, gross earnings refers to total profit after the cost of goods and services has been deducted.