PF OBJ 2.04 - 2.05 Vocab

Front

Expense

Back

Money spent

Front

Gross income

Back

Individual's income from salary/wages before taxes and deductions.

Front

Income

Back

Money received

Front

Income and Expense Statement

Back

Lists and summarizes income and expense transactions over a specific period, usually a month or year.

Front

Insurance

Back

A product that transfers risk from an individual to an insurance company.

Front

Mortgage

Back

Monthly payment on a home loan for housing.

Front

Net gain

Back

When income > expenses

Front

Net income

Back

Take home pay

Front

Net loss

Back

When expenses exceed income.

Front

Savings: The portion of current income not spent on consumption

Back

The portion of current income not spent on consumption