Income and Expenses

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

• net loss

• income and expense statement

• gross income

• net income

Income is _____ received.

• money

• net

• spending

• expenses

Money received from working for pay

• salary

• earned income

income received from sources other than employment

• unearned income

• take-home pay

• mortgage

• earned income

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

(a)  

take-home pay; what is left in the paycheck after taxes and other deductions

• savings

• gross income

• net income

• insurance

income earned upon a sale and is often calculated as a percentage of the purchase price

• tips

• net income

• salary

• commission

money given to someone as a way of rewarding them for quality service

• gratutity

• tips

• expenses

• income

the amount of money added to wages on a seasonal basis as a reward for good performance - paid in addition to employee’s wage or salary

• bonus

• commission

• salary

• interest

earned income from over-withholding from your paycheck in a previous period

• gross

• interest

• tax refund

• net gain