Guiding Questions
In this blog, we’ll explore income and expenses and how they relate to financial stability. These terms are often used together but mean different things. Common questions include:
- What is income?
- What are expenses?
What Are Income and Expenses?
Income is money earned, while expenses are money spent to run a business or household.
Main Sections
Income and expenses fall into two main categories.
- Income: Money received from work, sales, or services
- Expenses: Costs such as rent, utilities, supplies, and wages
Why It Matters
Understanding income and expenses helps determine whether money is being managed effectively. Spending more than income can lead to financial problems.
Review
- What is income? Money earned
- What are expenses? Money spent
- What happens if expenses exceed income? Financial strain
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