Income and Expense Statements Vocabulary

Question 1

Which are acceptable methods for tracking income and expenses?

Accepted Answer

recording in writing, keeping reciepts, bank apps or monthly statements, smatphone apps

Question 2

The term used for the money one spends...

Accepted Answer

expenses

Question 3

Salary is

Accepted Answer

total amount of money that an employee is paid every year to do their job

Question 4

After taking account of income and expenses you want to have a

Accepted Answer

net gain

Question 5

Term to describe money recieved

Accepted Answer

income

Question 6

Wages are

Accepted Answer

pay per hour worked

Question 7

You should track your income and expenses closely in order to achieve a net gain.

Accepted Answer

True

Question 8

Term for income after deductions and taxes

Accepted Answer

net income or take home pay

Question 9

Income earned upon a sale is

Accepted Answer

commisions

Question 10

Income earned before taxes or deductions

Accepted Answer

Gross income

Questions 10