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2.04

Income and Expense Statements

TermDefinition
Expense Money spent
Gross Income An individual's income earned as salary or wages before taxes and other deductions
Income Money received
Income and Expense Statement Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year
Insurance A product that transfers risk from an individual to an insurance company or organization
Mortgage A payment, usually monthly, applied to the balance of a home loan used when purchasing housing
Net Gain When income is greater than expenses
Net Income Take home pay
Net Loss When expenses are greater than income
Savings The portion of current income not spent on consumption
Created by: colsonm
Popular Family and Consumer sets

 

 



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