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Simple English definitions for legal terms
net balance
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A quick definition of net balance:
Net balance: The amount of money left over after all expenses have been paid. It's like counting how much money you have in your piggy bank after you've taken out the money you spent on toys and candy. Net balance is important because it tells you how much money you have left to save or spend on other things.
A more thorough explanation:
Definition: Net balance refers to the remaining amount after all deductions and additions have been made to an account or financial statement.
Example: If a person has $100 in their bank account and they withdraw $20, their net balance would be $80.
Explanation: The example illustrates how net balance is calculated by subtracting the amount withdrawn from the original balance. In this case, the net balance is $80.