Leap year is a year that has an extra day, February 29th, and occurs every four years. GAP year is a period of time, usually a year, taken by a person to take a break from formal education or work. FISCAL year is a 12-month period used for calculating annual financial statements in businesses and other organizations. Lunar year is the time it takes for the moon to orbit the Earth, which is approximately 354 days. SOLAR year is the time it takes for the Earth to orbit the Sun, which is 365 days.