Income
Income received from employment
Earned Income
The system of recording business transactions and analyzing, verifying, and reporting the results
Accounting
Income paid as a percentage of sales made by a salesperson
Commission
The difference between the assets of a business and its liabilities, what is left over
Owners Equity
A process used by individuals to manage limited income to meet personal unlimited needs and wants
Personal Financial Management
The property or items of value a business owns.
Assets
A fixed (consistent) payment for work and is usually expressed as an annual figure. It is paid in periodic equal payments.
Salary
These are the rules, standards, and practices businesses follow to record and report financial information.
GAAP
A subtraction from gross pay. Payroll deductions can lower a paycheck by 20 percent or more
Payroll Deductions
Current is either an asset that could be used or turned into money for use immediately/before 12 months, or a liability that is a financial responsibility within a year
Current vs. Long-term