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2.04

Income and Expense Statments

TermDefinition
expense $ spent
gross income salary before deductions
income $ received
income & expense statement summary of income & expense transactions
insurance transfer of risk from individual to company
mortgage payment towards a home loan balance when purchasing a house
net gain income > expenses
net income take home pay (after deductions)
net loss income < expenses
savings income not spent on consuption
salary before deductions gross income
tips reward $ given for services
tax refunds taxes paid (-) taxes owed
investment earnings $ made from investments
money from savings $ in savings account
commissions % of $ paid to agent for commercial transactions
bonuses extra seasonal payments
interest earned interest rate (x) amount of money
sales of assets sale of bank receivables
money from investments $ made from investments
scholarships/non-govt. grants private scholarships/grants
child support (usually from divorce) $ to support child who cannot support himself
social security $ given to people w/ insufficient wages
worker's comp. insures wages when injured on job
money from others $ borrowed from individuals
scholarships/govt. grants public scholarships/grants
Created by: Tate.cord70