L204 - Revision

Received $100 from your favorite aunt for your birthday

• Income

• Expense

Donated $50 to the Animal Society

• Income

• Expense

Identify income

• Restaurant bill

• Spending on movie tickets

• Receiving money from relatives

• Salary or wages received

Identify expenses

• Paying rent

• Payment of electricity bill

• School fees

• Rent received

Expenses that happen each month and are about the same amount.

• Fixed Expense

• Variable Expense

Expenses that keep changing every month

• Fixed Expense

• Variable Expense