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Why is it important to have long time savings?
Saving money over a long period of time has many benefits and can be crucial to expensive foreseeable costs. It's not necessarily the same thing as an emergency fund or vacation money. Instead long term savings tend to be used far far less. Long term savings will help cover expenses that are in the future, such as a wedding or the cost of college. By setting aside money every paycheck or so, into a long term savings fund, you get the benefit of an ever growing stash of funds that will in most cases accrue interest and be available for huge expenses.
What is the term used to describe the difference between revenue and expenses?
Revenue is the amount of money a business/person makes as a whole. Expenses are things that a business/person has to pay for with their revenue such as utilities that a business uses. What's left over from the revenue after the expenses are paid for is profit.
What is a term used to describe money coming into a business?
The term used to describe money coming into a business is "revenue." Revenue represents the total income generated from the sale of goods or services before any expenses are deducted. It is a crucial indicator of a business's financial performance and growth potential.
What are the long term finance and working capital?
long term finance are finances used by a business more than one accounting year or it is the finance kept for future use of business.Working capital are the money used for day-to-day expenses or day-to-day running of a business.These are used for short term use in the business.for example the expenses which have to be paid for a lorry driver for delivering goods to the company or business.
From what is a Medicare Set Aside allotted?
A Medicare Set Aside (MSA) arrangement is an administrative and funding mechanism used in certain categories of settlements to set aside money for future medical expenses that would otherwise be covered by Medicare. Unless otherwise documented and approved, the amount of a MSA is calculated based upon the specific claimant‰Ûªs life expectancy
What is a small amounts of money for incidental expenses are called?
Small amounts of money set aside for incidental expenses are commonly referred to as "petty cash." This fund is used for minor expenditures that are not typically covered by formal budgets, such as office supplies or small repairs. Petty cash allows for quick and convenient payments without the need for a lengthy approval process.
Is money capitalize?
An accounting method used to delay the recognition of expenses by recording the expense as long-term assets. In general, capitalizing expenses is beneficial as companies acquiring new assets with a long-term lifespan can spread out the cost over a specified period of time. Companies take expenses that they incur today and deduct them over the long term without an immediate negative affect against revenues.
Can I use my health savings account to pay for long term care insurance premiums?
Health savings account are tax free, and the money that was supposed to pay the taxes can be used for long term care expenses
Can you use FSA money for expenses from previous years?
No, you cannot use FSA money for expenses from previous years. FSA funds must be used for eligible expenses incurred during the plan year.
What is contingencu fund?
A contingency fund is an amount of money placed aside to be used when a certain event (the contingency) occurs. A common example is a contingency fund for risks in a project. If the risk occurs, the money is used to mitigate the risk. Without a contingency fund, any risks coming to pass would become uncovered expenses.
What is a Healt Saving Account?
A health savings account is a federally-sponsored account where you can set aside money to cover health expenses. This has major tax advantages compared to just saving money in general. A health savings account is an account that you can put money into on a pre-tax basis. That money is then used for approved health needs, such as prescriptions and doctor's co-payments.
What is a budget used for?
to help managed your money. Plan income and expenses ~ Apex
