A receipt is a written or electronic document that serves as proof of a financial transaction, typically indicating the sale of goods or services and documenting payment received by the seller from the buyer. Receipts typically include details such as the date of transaction, description of items purchased, quantity, price, and total amount paid. Receipts are important for record-keeping, accounting, and customer service purposes.

A recession is a significant decline in economic activity across an entire economy, characterized by reduced consumer spending, decreased business investment, rising unemployment, and a contraction in GDP over two consecutive quarters. Recessions are often caused by various factors, including financial crises, external shocks, policy changes, or structural imbalances. They can have widespread impacts on businesses, employment, and living standards.

Record to Report (R2R) is a financial process that involves recording, reconciling, and reporting financial transactions and results within an organization. It encompasses activities such as journal entries, general ledger accounting, financial consolidation, and financial reporting to ensure accuracy, compliance, and transparency in financial reporting.

Remittance refers to the transfer of money or funds by an individual or entity, typically a migrant worker, to another person or recipient, often in a different country. Remittances are commonly sent to support family members, pay for living expenses, or invest in education and healthcare. Remittance services facilitate the secure and efficient transfer of funds across borders, contributing to economic development and poverty alleviation in recipient countries.

Residual Income, also known as passive income or recurring income, refers to the earnings generated from investments, business activities, or assets that continue to generate income over time, even when active effort or work is no longer required. Residual income may result from rental properties, royalties, dividends, interest income, licensing fees, affiliate marketing, or other sources of passive revenue streams. Residual income provides financial stability, wealth accumulation, and financial freedom by supplementing or replacing earned income from traditional employment.

Return on Assets (ROA) is a financial ratio that measures a company’s profitability by comparing its net income to its total assets. ROA indicates how effectively a company is utilizing its assets to generate profits and is often used to assess operational efficiency and asset utilization. A higher ROA suggests better financial performance, while a lower ROA may indicate inefficiencies or underutilization of assets.

Return on Equity (ROE) is a financial ratio that measures the profitability of a company by comparing its net income to its shareholders’ equity. ROE indicates how efficiently a company is utilizing its equity capital to generate profits for shareholders. A higher ROE suggests better profitability and management efficiency, while a lower ROE may indicate inefficiencies or higher financial risk.

Return on Investment (ROI) is a financial metric used to evaluate the profitability of an investment by comparing the net profit or benefit generated to the initial cost or investment amount. ROI is calculated by dividing the net profit or benefit by the cost of investment and expressing the result as a percentage. ROI measures the efficiency and effectiveness of investment decisions and helps investors assess risk-adjusted returns.

Revenue is the total income generated by a company or organization from its primary business activities, including sales of goods or services, interest, royalties, and other sources of income. Revenue is a key component of the income statement and reflects the top-line performance of a business before deducting expenses, taxes, and other deductions. Increasing revenue is a primary goal for businesses seeking growth and profitability.

Risk averse is a term used to describe individuals, investors, or organizations that have a preference for avoiding or minimizing risk and uncertainty when making decisions or pursuing opportunities. Risk-averse behavior is characterized by a tendency to prioritize safety, stability, and predictability over potential gains or rewards, often leading to conservative choices, lower exposure to financial risk, and avoidance of speculative or high-risk ventures. Risk aversion is influenced by factors such as risk tolerance, financial goals, and psychological attitudes towards uncertainty.

The Rule of 72 is a simple mathematical formula used to estimate the time it takes for an investment to double in value, given a fixed annual rate of return. It states that the number of years required for an investment to double is approximately equal to 72 divided by the annual rate of return. The Rule of 72 is a useful tool for understanding the impact of compound interest and making long-term financial plans.