What is the total amount of monthly income remaining after all deductions?
d. net monthly income
The total amount of monthly income remaining, after all deductions have been taken out, is known as: d. net monthly income.
What is a record of income and expenditures for a given period of time called?
A record of spending or of probable expenditures and income for a given period of time is called. A budget.
Which term describes the itemized summary of probable expenditures and income for a given period?
Budget. An itemized summary of probable income and expenses for a given period. A budget is a plan for managing income, spending and saving during a given period of time.
What is a net monthly income?
Net Monthly Income (NMI) Amount of monthly income remaining after all deductions have been taken. (This amount is sometimes referred to as “take-home” pay.)
What is annual income example?
Annual income is the total amount of money you make each year before deductions are taken out of your pay. For example, if you’re paid a $75,000 yearly salary, this is your annual income, even though you don’t actually take home $75,000 after deductions.
What kind of money counts as income?
The two basic types of income are earned and unearned income. Earned income includes money you receive from an employer in exchange for your work or money you make working for yourself. Unearned income includes money you didn’t directly work for, such as interest and dividends, Social Security payments, alimony, etc.
What should I put for annual net income?
Subtract your salary and total expenses. Once you have all the above information gathered, you can subtract your expenses from the total gross annual income amount. The result is your annual net income. You can list this amount on different financial documents and applications.
What are 3 types of expenditure?
There are three major types of expenses we all pay: fixed, variable, and periodic.
What are the three types of household expenditure?
Expenditure is classified into three groups: Fixed Expenditure: These are regular payments where the amount paid does not vary e.g. rent or mortgage payment. Irregular Expenditure: This is where the timing and /or amount of spending will vary. This is normally linked to household usage such as energy bills.
What are the two famous terms in finance?
Here are 10 financial terms everyone should know
- Compound interest. Compound interest is interest on the amount of money you have deposited or borrowed.
- FICO score. Getty Images.
- Net worth.
- Asset allocation.
- Capital gains.
- Stock options.
- Defined-contribution plans.
What are the main purposes of budgeting?
The main purposes of budgeting are resource allocation, planning, coordination, control and motivation. However, budgeting is also an important tool for decision-making, monitoring business performance, and forecasting income and expenditures.