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...]
Difference Between Positive and Normative Economics
Economics is a science as well as art. But which type of science is a big question here, i.e. positive or normative? Positive economics is related to the analysis which is limited to cause and effect relationship. On the other hand, normative economics aims at examining real economic events from the moral and ethical point of view. It is used to judge whether the economic events are desirable or not. While Positive economics is based on facts about the economy. Normative economics is value … [Read more...]
Difference Between Factoring and Forfaiting
Since the last few decades, factoring and forfaiting have gained immense importance, as one of the major sources of export financing. For a layman, these two terms are one and the same thing. Nevertheless, these two terms are different, in their nature, concept, and scope. Factoring is a financial affair which involves the sale of firm's receivables to another firm or party known as a factor at discounted prices. On the other hand, forfaiting simply means relinquishing the right. In this, the … [Read more...]
Difference Between FDI and FPI
Every country requires capital for its economic growth and the funds cannot be raised alone from its internal sources. Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) are the two ways through which foreign investors can invest in an economy. FDI connotes a cross-border investment, by a resident or a company domiciled in a country, to a company based in another country, with an objective of establishing a lasting interest in the economy. On the contrary, FPI connotes a … [Read more...]
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