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Finance can be defined as process of raising, sourcing or securing of funds on a favourable pay-back term either long or short and its effective use by financial managers.
The effective management of money can also be traced to finance.
Major Types of Finance:
Personal Finance: This include personal savings, family inheritance, family share or budget and consumer credit.
Corporate Finance: Acquisition of funds from the production of goods and services, Shares from investors and Loans from financial or commercial banks.
Public Finance: Acquisition of funds by govt. i.e taxes and levies.
Funds: is the real money that is acquired by financial managers to finance organizational set goals and responsibilities. Types of funds are Equity Funds and Borrowed Funds.
Equity Fund or Stock Fund is A mutual fund that invests principally in stocks.
Borrowed Fund is Fund borrowed from either individuals or institutions.

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