Finance could be described as the major category which includes all aspects related to money and its flow. It includes the concepts of creation and study of money, management of money and financial systems.
The finance is categorized into 3 major categories – public finance, corporate finance and personal finance.
It covers the all concept of money expenditure by government, debts , credit and debit of bonds and bills, etc. The daily cash withdrawal and deposit in banks is a part of public finance.
The cash flow done through individuals, loan and all related monetary function done by individuals is part of the process of public finance.
The taxation is the most used term of finance. The money collection by a government from its country citizens is known to be taxation.
Another aspect of finance is retirement funds or pension, it is amount paid to an individual after his/her working days has been ended. This amount is either provided by government or any private firm.
Know that small funds provided by private organizations to each of his employee , it is called Provident Fund. PF is fund ensured by our employers which can be used in case of financial emergency.
Another less known term of finance is gold standard , which is the economic monetary value of gold. Gold is used as currency in deals between countries.