| A | B |
|---|
| Expense | Money spent |
| Gross income | An person’s income earned as salary/wages before taxes and other deductions |
| Income | Money received |
| Income and Expense Statement | Lists and summarizes income and expense transactions over a specific period of time |
| Insurance | A product that transfers risk from an individual to an insurance company or organization |
| Mortgage | A payment applied to the balance of a home loan 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 |
| Spending plan | Income and expense statement (budget) which records both planned and actual income and expenses over a period of time |
