Define income and expenses.

Income refers to the money that an individual or organization earns through various sources such as salaries, wages, investments, and business activities. Expenses, on the other hand, refer to the money that is spent or paid out by an individual or organization to cover the costs of goods, services, and other financial obligations. Expenses can include rent, utilities, groceries, transportation, and other necessary expenditures.

Income

- Money received from various sources, such as:
- Wages and salaries
- Profits from businesses
- Investments (dividends, interest)
- Government benefits (Social Security, welfare)
- Represents the inflow of money into a household or individual's financial resources
- Used to cover expenses and save

Expenses

- Money paid out for various needs and obligations, such as:
- Housing (rent/mortgage, utilities)
- Food
- Transportation
- Healthcare
- Entertainment
- Taxes
- Represents the outflow of money from a household or individual's financial resources
- Necessary for maintaining a certain lifestyle and fulfilling financial responsibilities