Managing My Money Unit: Income and Expense Statement + Spending Plan
Terms in this set (11)
An individual's income earned as salary or wages before taxes and other deductions.
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.
A product that transfers risk from an individual to an insurance company or organization.
A payment, usually monthly, applied to the balance of a home loan used when purchasing housing.
When income is greater than expenses.
Take home pay.
When expenses are greater than your income.
Used with an income and expense statement to adjust spending. Sometimes referred to as a budget.
The portion of current income not spent on consumption.