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PF 2.04

QuestionAnswer
Expense Money Spent
Gross Interest An individual's income earned as salary or wages before taxes and other deductions.
Income Money received
Income and Expense Statement Lists and summarizes income ans 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.
Created by: abigail.xiong59