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2.04 PersonalFinance

TermDefinition
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.
Created by: MarkEfird