INCOME AND EXPENSE STATEMENT

Money spent

• income
• expense
• net income
• gross income

an individual's income earned as salary or wages before taxes and other deductions

• gross income
• gross loss
• net income
• net loss

money received

• net loss
• net gain
• insurance
• income

lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or a year

• mortgage
• income and expense statement
• net income
• savings

product that transfers risk from an individual to an insurance company or organization

• insurance
• mortgage
• expense
• income

payment, usually monthly, applied to the balance of a home loan used when purchasing housing

• insurance
• expense
• mortgage
• income and expense statement

when income is greater than expenses

• net income
• net loss
• gross income
• net gain

take home pay

• net loss
• net pay
• gross loss
• gross pay

when expenses are greater than income

• expense
• net loss
• net income
• net gain

portion of current income not spent on consumption

• expense
• savings
• net loss
• net income