Word: Fiscal Year
Definition: A fiscal year is a period of 12 months used for accounting and financial purposes. It is not necessarily the same as the calendar year (which runs from January 1 to December 31). Instead, a company or government may choose its own start and end dates for its fiscal year.
Usage Instructions: When talking about financial reports, budgets, or government spending, you can refer to the fiscal year to indicate the specific time frame for which the financial data is relevant.
Example: - "ABC Company’s fiscal year starts on April 1 and ends on March 31 of the following year."
Advanced Usage: - In discussions about financial planning, investments, or business performance, you might encounter terms like "fiscal year-end," which refers to the last day of the fiscal year, or "fiscal quarter," which divides the fiscal year into four parts (three months each).
Word Variants: - "Fiscal" (adjective): Related to government revenue, especially taxes, or public money. - Example: "The fiscal policy of a country affects its economy." - "Year" (noun): A period of 12 months, but in this context, it specifically refers to the accounting year.
Different Meaning: - In general English, "year" just refers to any 12-month period, while "fiscal year" specifically relates to financial matters.