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Income&Expense Stat.

Income and Expense Statement

TermDefinition
Expense Money spent
Gross Income Income earned as salary or wages before taxes and other deductions
Income Money received
Income and Expense Statement Includes income and expense transactions that take place in certain time frames
Insurance Product that transfers risk from individual to insurance companies/organization
Mortgage Payment, usually monthly, applied to the balance of a home loan and is used when purchasing housing
Net Gain Income > Expenses
Net Income Take home pay
Net Loss Expenses > Income
Savings Current income not used for spending
Wages or Salary Before Deductions Gross Income
Commissions Money earned based on sales
Tips Money paid as a thanks for services
Bonuses Money earned based on performance
Tax Refunds Money returned from overpaid taxes
Intrest Earned Money earned based on account balances
Investment Earnings Money earned based off of things you invest in
Sales of Assets Selling things you own
Money from Savings Money readily available from savings accounts
Money from Investments Money paid out from investments
Scholarships/Grants from Non-Government Sources Money from private sources to aid in education
Money from Others Gifts
Child Support Money paid by non-custodial parent to aid in the upbringing of children
Scholarships/Grants from Government Sources Money from the government to aid in education
Government Programs Such as Social Security and Worker's Compensation Programs to provide assistance for senior adults and those injured on a job
Created by: kalyncaudle