Gross Income – Your income BEFORE expenses or taxes; Alias: Revenue
Net Income – what your business earned AFTER your expenses; Alias: Profit
Expense – Anything you pay for that is necessary for your business to operate; Alias Deduction, Write-Off
Owner’s Draw – What you take out of your business for personal use (used for sole proprietors); Alias: Member Distributions (LLC), Shareholder Distributions (S-Corp)
Liability – Debt that you own, can be short-term or long-term; Alias: Debt Payable
Receivable – Anything that is owed to you
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