In our day to day life, there are many circumstances, where we have to take risks, which involves exposure to lose or danger. Risk can be understood as the potential of loss. It is not exactly same as uncertainty, which implies the absence of certainty of the outcome in a particular situation. There are instances, wherein uncertainty is inherent, with respect to the forthcoming events, i.e. there is no idea, of what can happen next. So, in short, risk describes a situation, in which there is … [Read more...]
Difference Between Will and Trust
A will can be described as a legal document, that states the manner in which a person's assets, belongings, and personal stuff are distributed among the legal heirs, after his/her demise. On the other hand, a trust is a form of obligation attached to the ownership of the property, that is a result of confidence, accepted by the owner and author, for the benefit of another person or the owner. As both are used to manage and distributes the assets of a person, many people get puzzled between … [Read more...]
Difference Between Fixed Capital and Working Capital
The primary function of the financial manager is to ensure availability of finance, to fulfill different purposes such as initial promotion, fixed capital, and working capital. Fixed Capital refers to the capital, which is invested in procuring fixed assets for business. On the other hand, working capital represents the amount of money utilized for financing day to day business operations. It is required to support the proper functioning of the company's business operations. Fixed Capital and … [Read more...]
Difference Between Budget and Forecast
Budget implies a formal quantitative statement of income and expenditure for a certain period. It is a plan for the resources allocated for the completion of the activities, that requires to be followed, to achieve the desired end. It is not exactly same as forecast, which is a simple estimation of the future course of event or trend. It is a forward looking activition, which encompasses projection. Forecast can be understood as the evaluation and interpretation of the conditions that are … [Read more...]
Difference Between Talent and Skill
Every person possesses certain skills and talent, that makes us different from others. We often use the terms talent and skill interchangeably, without knowing the fact that these are different from one another. While talent is an inborn ability or natural aptitude of a person which is often hidden and needs recognition. It means, being good in a certain activity, without actually learning or acquiring it. Unlike skill, which is a learnt ability, and it can be developed in someone if he/she … [Read more...]
Difference Between Deed and Title
In the legal glossary, you might have heard the terms deed and title, quite frequently. As the term, 'deed' represents a legal document duly signed by the and delivered, to transfer the 'title' or ownership/possession of propoerty or legal rights from one person to another. On the other hand, 'title' implies the combination of legal rights with respect to ownership, possession and charge of the property, that facilitates the holder to control or dispose off the property. These two terms are … [Read more...]
Difference Between Economies of Scale and Economies of Scope
Economies of Scale and Economies of scope are two important strategies used by most of the organizations to gain cost effectiveness. The economies of scale, represents the savings in cost of production by increasing the scale of production or the size of the plant. On the other hand, economies of scope refer to the benefits obtained due to producing multiple products using the same operations efficiently. Economies of scope, is nothing but the savings in cost received by producing two or more … [Read more...]
Difference Between ETF and Index Fund
Have you ever thought of investing your money in the funds like ETF and index fund? As both are collective investment tools, people get frequently confused amidst the two investment vehicles. Nevertheless, they are different in the sense that an Exchange Traded Fund (ETF) is a kind of Index fund which is a basket of securities traded on an exchange. But an index fund is a form of mutual fund, which attempts to track the performance of a specific index. Since last few years, the stock market … [Read more...]
Difference Between Void and Illegal Agreement
The Indian Contract Act, 1872 has made it clear that there is a thin line of difference between void and illegal agreement. A void agreement is one which may not be prohibited under law, while an illegal agreement is strictly prohibited by law and the parties to the agreement can be penalized for entering into such an agreement. A void agreement has no legal consequences, because it is null from the very beginning. Conversely, illegal agreement is devoid of any legal effect, since it is … [Read more...]
Difference Between Revocable and Irrevocable Trust
A trust is a contract between the settlor and trustee, formed for the benefit of a third party. In this contractual arrangement wherein the trustee holds the property of the settler, for the sake of the one or more beneficiary. There are two types of trust, i.e. revocable trust - a trust which can be terminated anytime till the author survives and irrevocable trust - a trust that cannot be canceled once created. In a trust, the trustee holds the asset, only as a nominal owner. In India, … [Read more...]
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