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2.04 Vocabulary

Income and Expense Statement

TermDefinition
Commissions an order for someone to do something and get paid
Tips a small sum of money given to someone for performing a service
Bonuses an amount of money added to wages on a seasonal basis
Tax refunds the govt returning excess taxes paid by a single person
Interest earned the average amount of interest earned on an insurer's investments after investment expense and before income taxes
Investment earnings income coming from interest payments
Sales of assets the compensated distribution of valuable property that can be tangible or intangible
Interest money from savings
Capital money from investments
Gross income wages or salary before deductions
Financial aid scholarships from non-government sources
Child support court-ordered payments, typically made by a noncustodial divorced parent, to support one's minor child or children
Federal grants scholarships/grants from government sources
Social welfare government programs such as social security and worker's compensation
Loan money from others
Expense money spent
Income money recieved
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 a 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: brooke.burgess