| A | B |
|---|
| Expense | Money spent |
| Gross income | An individual’s income earned as salary or wages before taxes and other |
| Income | Money received |
| Income and Expense Statement | Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year |
| Insurance | A product that transfers risk from an individual to an insurance company |
| Mortgage | A payment, usually monthly, applied to the balance of a home loan used when purchasing housing |
| 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 |
