ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An outstanding balance is the amount you owe on any debt that charges interest, like a credit card. Most often, it refers to the amount you owe from purchases and other transactions made with your credit card. It’s also called your current balance.

Detailed explanation-2: -Balance The amount owed on a loan or credit card or the amount in a savings or investment account. Balance sheet A financial statement showing a “snapshot” of the assets, liabilities and net worth of an individual or organization on a given date.

Detailed explanation-3: -If you have a credit balance, it means that you have paid us back more than you borrowed, and we owe you money. This can happen if you’ve received a refund or made a payment which puts your account balance in credit.

Detailed explanation-4: -Outstanding balance refers to the amount still owed on a loan from the perspective of a borrower or lender. Remaining balance instead refers to how much money remains in an account after spending or a withdrawal, from the perspective of a saver or savings bank.