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2.04 PersonalFinance
| Term | Definition |
|---|---|
| Expense | Money spent. |
| Gross Income | An individual's income earned as salary or wages before taxes and other deductions. |
| 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. |
| Tips | A sum of money given to someone as a payment for their work. |
| Tax Refunds | The return of income tax. |
| Commissions | Money paid to an agent in a transaction. |
| Bonuses | Money added to wages on a certain basis sometimes a reward for a well done performance. |
| Child Support | Payments made by a divorced parent to support their child. |
| Wages | Money paid from work by the hour, week or monthly. |
| Social Security | A government system that gives monetary assistance. |
| Money From Investment | Capital. |
| Investment Earnings | Money earned after investment cost. |
| Sales of Assets | A distribution of property that could be tangible or intangible. |
| Money From Savings | The money left over after saving over a period of time. |
| Money From Others | Money paid to someone who isn't their boss. |
| Income | Money received. |
| Government Grants | A grant that can be used for research in a business. |
| Non-Government Grants | A grant that's not given by the government that's used for research. |