Question

Define the following terms: a) Income b) Expenditure c) Salary ​

Answer 1

Answer:

Step-by-step explanation:

Income refers to the money that a person or entity receives in exchange for their labor or products. Income can also mean total earnings in the form of wages and salaries, the return on their investments, pension distributions, and other receipts.

Expenditure is the action of spending funds or an amount of money spent. Expenditure can also mean a payment or the incurrence of a liability in exchange for goods or services.

Salary is a fixed compensation paid regularly for services or regular payment in exchange for work. Salary can also mean a regular payment by an employer to an employee for employment that is expressed either monthly or annually, but is paid most commonly on a monthly basis, especially to white collar workers, managers, directors and professionals. A salary employee or salaried employee is paid a fixed amount of money each month. Their earnings are typically supplemented with paid vacations and public holidays, healthcare insurance in country’s without universal coverage, and other benefits. Salaries are usually determined by comparing what other people in similar positions are paid in the same region and industry. Most large employers have levels of pay rates and salary ranges which are linked to hierarchy and time served. In most countries, salaries are also affected by supply and demand – how many job vacancies there are for a specific position in relation to the number of people that exist in the area who could fill that post.