Economic Cycle implies the economy-wide ups and downs in the economic activity, like savings, investment, income and employment over a certain period. There are several stages of the economic cycle, namely, boom/inflation, slowdown, recession, depression, and recovery. As recession and depression both refer to the period of credit crunch experienced by the economy, people often juxtapose recession for depression, but these are two different phases. Recession signifies a decline in the real … [Read more...]

Provident fund is a fund created by the employer's in which a certain percentage of the basic salary is contributed every month by the employer and the employee. On the other hand, the pension fund is a fund established by the employer in which a certain percentage of employee's salary is contributed month on month by the employer. At present, employees are regarded as assets of the company are they are responsible for its performance and position in the market. In fact, the success and … [Read more...]

There are certain forms of organization which is created, with an aim of providing services to the members, rather than earning a profit. Trust and society are two such organizations. Trust is a legal arrangement in which a person holds property for the sake of some other person. Society is an association of person, who come together to fulfill any particular purpose, described under the act. The basic distinguishing feature in the two legal persons is the purpose for which they are created, … [Read more...]

The term salary and wages is often confused by people and is used interchangeably. But the truth is that both these terms differ from each other and hold different meanings. Salary is a fixed amount paid or transferred to the employees at regular intervals for their performance and productivity, at the end of the month whereas wages are hourly or daily-based payment given to the labour for the amount of work finished in a day. The main difference between salary and wages lies in the fact that … [Read more...]

Words play a crucial role in communication process, to transmit the message in the way it is intended to be conveyed. When words are used in the process of communication, it is known as verbal commnication. Verbal transfer of information can be performed, orally or in written form. Oral Communication is the oldest means of communication, which is most commonly used as a medium for the exchange of information. It involves gathering or disseminating information through spoken words. Written … [Read more...]

Tax can be understood as the monetary obligation charged by the Government on income, activity or commodity. It is collected in order to serve the basic purpose of providing revenue to the government, so as to fulfill social and economic objectives. The tax is levied both on physical and non-physical items. Here, we are talking about indirect taxes which are imposed on goods and services. The tax charged on goods is known as Value Added Tax (VAT), whereas only Service Tax is charged on … [Read more...]

The government earns revenues from various sources, and one of its principal means of income is tax and duty. They help the government to provide public utility services to the people of the country like medical, railway, postal, education, banking, food, infrastructure, etc. Tax is the financial charged levied by the Government on the income, activity or commodity. It is into two main categories Direct Tax and Indirect Tax. Direct tax includes income tax or wealth tax. On the other hand, … [Read more...]

Curriculum Vitae (CV) outlines the academic qualifications, researches, and other relevant details about a person, to represent him in front of employers. A Resume is to the point document, which underlines a person's qualification for a specific job. When it comes to length, a CV is much larger than a resume. Whenever a person applies for a job, he/she has to make a document which introduces him/her. Which one is suitable a CV or a Resume? It is going to be very difficult to choose one of … [Read more...]

Countries are divided into two major categories by the United Nations, which are developed countries and developing countries. The classification of countries is based on the economic status such as GDP, GNP, per capita income, industrialization, the standard of living, etc. Developed Countries refers to the soverign state, whose economy has highly progressed and possesses great technological infrastructure, as compared to other nations. The countries with low industrialization and low human … [Read more...]

Every person wants some personal space in his/her life, because, one cannot share each and everything with others. In fact no one wants to talk about what's going on in their personal life. Hence, a certain degree of privacy is every person's need. Privacy is a state when a person is free from public interference while if we talk about Confidentiality, it speaks about a situation when important information is kept the secret between two individuals until the person to whom the information … [Read more...]