The process of thinking about something, in a rational manner, so as to draw valid conclusions, is known as Reasoning. It is a daily activity that we use to make decisions, which involves the construction of thoughts and converting them into a proposition to give reasons on why we have opted for a particular alternative over the other.Reasoning (logic) can take two forms - inductive reasoning or deductive reasoning. The inductive reasoning follows a particular flow or behaviour so as to make … [Read more...]
Difference Between Volume and Capacity
In our day to day life, we came across a number of three-dimensional (3-D) objects, which has a certain volume. The volume of a substance is the total amount of space that it covers, i.e. when we measure the space region taken up by a solid object it is called as volume. Conversely, Capacity alludes to the quantity of something that a container holds. In short, capacity is the container's volume. Due to many similarities, the volume is often confused with capacity, but there are less but … [Read more...]
Difference Between Tax Deduction and Tax Credit
One of the major concerns of the taxpayers, all around the world, is how to reduce their tax liability, without circumventing the law. There are two legitimate ways of reducing an assessee's tax liability, which is a tax deduction and tax credit. Tax Deductions are the claims, which can help in lowering the taxable income of the assessee, provided certain conditions are fulfilled. These can be claimed at the time filing income tax return. Due to some misconception, people juxtapose tax … [Read more...]
Difference Between Tax Planning and Tax Avoidance
An assessee can reduce his/her tax liability, by legitimate means, in two ways - tax planning and tax avoidance. The tax planning is described as the arrangement of financial activities in a way that the assessee can avail maximum tax benefit by making best possible use of all the legal benefits, i..e deductions, exemptions etc. On the other hand, the tax avoidance is a technique of refraining from tax liability, through just and fair means, but intends to defeat the fundamental motive of the … [Read more...]
Difference Between Standard Deviation and Standard Error
Standard Deviation is defined as an absolute measure of dispersion of a series. It clarifies the standard amount of variation on either side of the mean. It is often misconstrued with the standard error, as it is based on standard deviation and sample size. Standard Error is used to measure the statistical accuracy of an estimate. It is primarily used in the process of testing hypothesis and estimating interval. These are two important concepts of statistics, which are widely used in the … [Read more...]
Difference Between Cabinet and Council of Ministers
The chief advisor to the President of India is the Prime Minister, who heads the Council of Ministers and also decides, who will become members of the council. The Council of Ministers is divided into various categories, i.e., the Cabinet, Minister of State, Deputy Minister and Parliamentary Secretaries, based on their seniority and the political importance. It is quite common, that people interchange the terms Cabinet and Council of Ministers, and use it as if they are one and the same … [Read more...]
Difference Between Prime Minister and President
The President of the country is the first citizen, as well as the head of the State. On the other hand, the Prime Minister along with the other Council of Minister, heads the Government of the country, at the national level. Most of the people have doubts, regarding the roles, responsibilities, powers and authorities of the Prime Minister and President. But the fact is that the difference between the two executives relies on the country we are talking about, i.e. some countries have one or … [Read more...]
Difference Between Money Bill and Finance Bill
The fundamental difference between a money bill and finance bill is that a money bill can be introduced in only the lower house of parliament, i.e. Lok Sabha only, finance bill can be introduced in either of the two houses. Although money bill is a type of finance bill, most of the people use them interchangeably, but they differ in terms of their content. We often hear the term bill, but there are only a few people who actually know what the term means. A Bill refers to the proposal for a … [Read more...]
Difference Between Reinforcement and Punishment
Operant conditioning refers to a learning type, wherein outcomes of an action regulate one's behaviour. The consequence can be a reward or penalty. It was coined by famous behaviourist B. F. Skinner, who hold that behaviour is something which can only be described by observing it and not by thoughts and motivation. Reinforcement and punishment are the two fundamental notions of operant conditioning wherein the former, stimulates a particular behaviour, the latter, discourages a specific … [Read more...]
Difference Between Options and Warrants
Options and warrants are two derivatives traded in the exchange that give an option to the investor to buy the stock at a predetermined price and date. The basic difference between options and warrants is that while options are contracts, but warrants are financial instruments. Derivative connotes a financial instrument with no independent value, in essence, the value is ascertained from the value of the underlying asset, such as commodities, currencies, livestock, securities, bullion, etc. … [Read more...]
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