U2- Managing Money L4 Income/Expense Flashcards
Increase vocabulary skills through repetition to increase comprehension of curriculum
individual’s income earned as salary or wages before taxes and other deductions
gross income
lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year
income and expense statement
product that transfers risk from an individual to an insurance company or organization
insurance
payment, usually monthly, applied to the balance of a home loan used when purchasing housing
mortgage
when income is greater than expenses
net gain
take home pay
net income
when expenses are greater than income
net loss
portion of current income not spent on consumption
savings
income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time
spending plan
