| A | B |
|---|
| Expense | Money Spent |
| Gross Income | Income earned as salary/wages BEFORE taxes/deductions |
| Income | Money Received |
| Income and Expense Statement | Lists income and expenses over a specific time (money or year) |
| Insurance | A product that transfers risk from an individual to an insurance company |
| Mortgage | A loan on a home |
| Net Gain | When income is greater than expenses |
| Net Income | Take home pay |
| Net Loss | When expenses are greater than income |
| Savings | The portion of current income not spent on consumption |
| Spending Plan | An income and expense statement (budget), which records both planned and actual income and expenses over a period of time |
