A quarter is one-fourth of a year, commonly used in academic and financial contexts. In education, some schools divide the academic year into four quarters (approximately 9-10 weeks each) rather than semesters or trimesters. Students may receive grades at the end of each quarter. In business and government finance, quarters divide the fiscal year for reporting purposes—Q1 (first quarter), Q2, Q3, and Q4. Municipalities often produce quarterly financial reports comparing actual revenues and expenditures against budgets, allowing council to monitor financial performance throughout the year rather than waiting for annual statements.