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Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty and life expectancy.
An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture, or an automobile is often referred to as an expense. An expense is a cost that is "paid" or "remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive". Something that seems to cost little is "inexpensive". "Expenses of the table" are expenses for dining, refreshments, a feast, etc.
Personal finance is the financial management that an individual or a family unit performs to budget, save, and spend monetary resources in a controlled manner, taking into account various financial risks and future life events.
In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund, and general spending is paid out of the consolidated fund.
A medical savings account (MSA) is an account into which tax-deferred amounts from income can be deposited. The amounts are often called contributions and may be made by a worker, an employer, or both, depending on a country's laws.
A contingent fee is any fee for services provided where the fee is payable only if there is a favourable result. Although such a fee may be used in many fields, it is particularly well associated with legal practice.
The Civil Contingencies Act 2004 (c. 36) is an act of the Parliament of the United Kingdom that makes provision about civil contingencies. It also replaces former civil defence and emergency powers legislation of the 20th century.
A government budget or a budget is a projection of the government's revenues and expenditure for a particular period of time often referred to as a financial or fiscal year, which may or may not correspond with the calendar year. Government revenues mostly include taxes while expenditures consist of government spending. A government budget is prepared by the Central government or other political entity. In most parliamentary systems, the budget is presented to the legislature and often requires approval of the legislature. Through this budget, the government implements economic policy and realizes its program priorities. Once the budget is approved, the use of funds from individual chapters is in the hands of government ministries and other institutions. Revenues of the state budget consist mainly of taxes, customs duties, fees and other revenues. State budget expenditures cover the activities of the state, which are either given by law or the constitution. The budget in itself does not appropriate funds for government programs, hence need for additional legislative measures. The word budget comes from the Old French bougette.
Government financial statements are annual financial statements or reports for the year. The financial statements, in contrast to budget, present the revenue collected and amounts spent. The government financial statements usually include a statement of activities, a balance sheet and often some type of reconciliation. Cash flow statements are often included to show the sources of the revenue and the destination of the expenses.
Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. In this method, a fund consists of a self-balancing set of accounts and each are reported as either unrestricted, temporarily restricted or permanently restricted based on the provider-imposed restrictions.
Financial management is the business function concerned with profitability, expenses, cash and credit. These are often grouped together under the rubric of maximizing the value of the firm for stockholders. The discipline is then tasked with the "efficient acquisition and deployment" of both short- and long-term financial resources, to ensure the objectives of the enterprise are achieved.
Part XII of constitution of India is a compilation of laws pertaining to Finance, Property, Contracts and Suits for Republic of India.
The Swedish Civil Contingencies Agency is a Swedish administrative authority, organised under the Ministry of Defence. The agency is responsible for issues concerning civil protection, public safety, emergency management and civil defence. Responsibility refers to measures taken before, during and after an emergency or crisis. MSB work in close cooperation with the municipalities, the county councils, other authorities, organisations and the private sector to achieve increased safety and security at all levels of society. This is done through education, support, training exercises, regulation and supervision.
A contingencies fund or contingency fund is a fund for emergencies or unexpected outflows, mainly economic crises.
Operation Yellowhammer was the codename used by the British HM Treasury for cross-government civil contingency planning for the possibility of Brexit without a withdrawal agreement – a no-deal Brexit. Had the UK and EU failed to conclude such an agreement, the UK's unilateral departure from the EU could have disrupted, for an unknown duration, many aspects of the relationship between the UK and European Union, including financial transfers, movement of people, trade, customs and other regulations. Operation Yellowhammer was intended to mitigate, within the UK, some of the effects of this disruption, and was expected to run for approximately three months. It was developed by the Civil Contingencies Secretariat (CCS), a department of the Cabinet Office responsible for emergency planning.
Jean-François Joly de Fleury (1718-1802) was a minor figure serving in the French government as finance minister within a decade of the French Revolution. He was a member of the influential Joly de Fleury family.
The Contingencies Fund Act 2020 is an act of the Parliament of the United Kingdom that was created to increase the maximum capital of the United Kingdom's contingency fund from 2%, as set out in Section 1 of the Contingencies Fund Act 1974, to 50%. It was introduced by Chancellor of the Exchequer Rishi Sunak in response to the COVID-19 pandemic.
The Government of Canada introduced multiple temporary social security and financial aid programs in response to the economic impacts of the COVID-19 pandemic in Canada. The initial CA$82-billion aid package was announced on March 18, 2020 by Justin Trudeau.
The Contingencies Fund Act 2021 is an act of the Parliament of the United Kingdom which allowed for a temporary increase in the maximum capital of the United Kingdom's contingency fund from 2%, as set out in Section 1 of the Contingencies Fund Act 1974, to 12%. It was introduced by Chancellor of the Exchequer Rishi Sunak in response to the ongoing effects of the COVID-19 pandemic.
A contingency operation is a military operation involving United States Armed Forces, conducted in response to natural disasters, terrorists, subversives, or as otherwise directed by appropriate authority to protect national interests. The designation is made by a finding by the discretion of the Secretary of Defense, and triggers the implementation of a variety of wartime plans and preparations throughout the federal government, and within each of the military branches. Contingency operations are often referred to more specifically as overseas contingency operations (OCO), a term which is often substituted because there has not been a recent war on United States soil. The term's best known use is in the United States Congress' Overseas Contingency Operations funding, a discretionary budget appropriation sometimes described as a slush fund used originally for the wars in Iraq and Afghanistan, but now used more broadly for other expenditures associated primarily with the War on Terror.
References
- ↑ "Emergency Fund". Economic Times.
- ↑ Daniel, Kurt. "Emergency fund". Investopedia .