What Is a Profit and Loss Statement?
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Key terms
- Capital LossA loss incurred when selling an asset for less than its purchase price. Capital losses can offset capital gains to reduce tax liability.
- Stop-Loss OrderAn order to sell a stock when it reaches a specific price, limiting potential losses. Becomes a market order when triggered, so execution price isn't guaranteed.
- Statement BalanceThe total amount owed on a credit card at the end of the billing cycle. Paying this amount in full by the due date avoids interest charges and maximizes the grace period.
- Statement Closing DateThe last day of the billing cycle when your statement is generated. Charges after this date appear on the next statement. Payment is typically due 21-25 days after closing.
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