ARM Definition

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ARM see ADJUSTABLE RATE MORTGAGE.

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PROFIT AND LOSS STATEMENT (P&L) is also known as an income statement. It shows your business revenue and expenses for a specific period of time. The difference between the total revenue and the total expense is your business net income. A key element of this statement, and one that distinguishes it from a balance sheet, is that the amounts shown on the statement represent transactions over a period of time while the items represented on the balance sheet show information as of a specific date (or point in time).

VET, VETTED, VETTING is to make a careful and critical examination of someone or something, e.g. a person prior to employment.

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