14/09/2026
Finance refers to the art and science of managing money. In its broadest sense, it encompasses all financial functions, including raising funds, utilizing capital, and managing financial controls.
Key DefinitionsKhan and Jain: The art and science of managing money.
L.J. Gitman: The management of money involving processes, institutions, markets, and instruments.
E.W. Walker: Business activities related to financial planning, coordination, and control.
Schall and Haley: Principles and theories dealing with raising and using money.
Encyclopedia Britannica: The art of providing the means of payments.
Conclusion:
Finance includes fund raising, planning, investment, storage, coordination, and control activities. These apply to individuals, businesses, non-profits, and government organizations.