Important Terminologies; Finance, Economics and Accountancy.

Balance of Payments – It is a statistical statement summarizing all the external transaction on current account in which country is involved over a period of time I.e. one year. As the BOP shows the total assets and obligations over a period of time.

Barriers to Entry - This refers to a factor which makes it disadvantages for new entrants to enter an industry as compared with the firms already established within the industry.

Budgetary Deficit – A situation when government’s income and tax receipts fail to cover its expenditure.

Cash Reserve Ratio- A proportion of total deposits and reserves of commercial banks that is to be kept with central bank (RBI) in liquid form. It is used as a measure of control of RBI over commercial banks.

Employers – Those self-employed workers who by and large, run their enterprises by hiring the labors and employees.

Enterprise – An undertaking owned and operated by an individual or by group of individuals to produce and distribute goods and services mainly fir the purpose of sale, whether fully or partly.