| A | B |
|---|
| expense | money spent |
| gross income | an individual's income earned as salary or wages before taxes and other deductions |
| 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 a year |
| insurance | a product that transfers risk from an individual to an insurance company or organization |
| 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 |
