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Income Cards

Finance 2.04

TermDefinition
Wages or salary before deductions A fixed regular payment.
Commissions Availability.
Tips A sum of money given to someone as a reward for their services.
Bonuses An amount of money added to wages, especially as a reward for good performance.
Tax refunds The return of excess amounts of income tax that a taxpayer has paid to the state or federal government throughout the past year.
Interest earned The amount of interest you are gaining.
Investment earnings The amount of money you will get from an investment.
Sales of assets The amount of money you obtain from selling your assets.
Money from savings The amount of money that you are saving.
Money from investments The amount of money you get from investing.
Scholarships/grants from non-government sources Awards based on academic achievements that are meant to help pay for students education and are not hosted by the government.
Money from others Money owned by others.
Child support court-ordered payments, typically made by a noncustodial divorced parent, to support one's minor child or children.
Scholarships/grants from government sources Scholarships that are hosted by the government, that help pay for a student's education.
Government programs such as Social Security and worker's compensation Federal insurance that helps the poor, injured, elder, and orphaned.
Expense Money spent.
Gross income An individual's income and expense transactions that have taken place over a specific period of time, usually a month or year.
Income Money received.
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 consumptions.
Created by: Tou Xiong