Income Definition Kid Version

Meaning pronunciation translations and examples.

Income definition kid version. Universal basic income is a controversial proposal under which the government provides regular permanent cash payments to each citizen with the intent of lifting everyone out of poverty encouraging their participation in the economy and covering the costs of their most fundamental needs including food housing and clothing. Income is the consumption and saving opportunity gained by an entity within a specified timeframe which is generally expressed in monetary terms. Speculation risk taking that doesn t create value but seeks income by trying to predict price changes. Money that is earned from doing work or received from investments.

Income tax is a certain percentage of your income that you have to pay regularly to the. The amount of such gain received in a period of time. A company s profit in a. The act of coming in.

Income statement definition an accounting of income and expenses that indicates a firm s net profit or loss over a certain period of time usually one year. Businesses report this figure on the income statement whereas individuals report theirs on the form 1040. For households and individuals income is the sum of all the wages salaries profits interest payments rents and other forms of earnings received in a given period of time also known as gross income. For example buying the stock of a company because you think the price will increase as opposed to thinking the company will actually generate a profit.

How to use income in a sentence. Income definition is a gain or recurrent benefit usually measured in money that derives from capital or labor. The amount of money or its equivalent received during a period of time in exchange for labor or services from the sale of goods or property or as profit from financial investments. Middle english arrival entrance from incomen to come in from old english incuman.