Managing your money vocab

money spent

• gross income

• income and expense statement

• expense

• net gain

an individuals income earned as salary or waged before taxes and other deductions

• net loss

• savings

• gross income

• income

money received

• net gain

• income

• mortgage

• savings

lists and summaries income and expense transactions that have taken place over a specific period of time, usually a month or year

• income and expense statement

• net gain

• gross income

• insurance

a product that transfers risk from an individual to an insurance company or organization

• net income

• net loss

• insurance

• savings

a payment, usually monthly, applied to the balance of a home loan used when purchasing housing

• insurance

• income

• mortgage

• epense

take home pay

• net gain

• net income

• gross income

• savings

when income is greater than expenses

• net income

• net gain

• net loss

• insurance

when expenses are greater than income

• net income

• net loss

• savings

• income

the portion of current income not spent on consumption

• savings

• net gain

• net income

• net loss