What is "income"

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drillbill

Offshore Agent
Entrepreneur
There seems to be some conflicting definitions of the word "Income".


Read it here


the financial gain (earned or unearned) accruing over a given period of time


wordnet.princeton.edu/perl/webwn


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(Earned or Unearned)????


Excess of revenues over expenses.


Read it here


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Excess revenues?


Inflow of revenue during a period of time. (See net income.)


Link removed


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Inflow of "revenue"? (#1 Definition of "Revenue" defined on Dictionary.com as: the income of a government from taxation, excise duties, customs, or other sources, appropriated to the payment of the public expenses.) ~ Income of a government???


a gain in money usually as a result of business or labor


More...


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A "Gain" in money.


And some other definitions that just don't seem to have a solid definition that clearly define what the word actually means.


What is your take on this?
 

foralo

Junior Member
Business Angel
Technically speaking, if I charge $10.00 per hour for labor and work for 10 hours. I would be paid $100.00. I lose 10 hours, and am compensated at the rate of $10.00 per hour in exchange for my labor.


This is a zero-gain exchange. How would this $100.00 be defined as "income" or "gain"?
 

clemens

Corporate Services
Mentor Group Gold
Income is any money coming in


there is a difference between Gross Income and Net Income


gross income is total income


net income is total income - expenses
 

gwenpinay

Offshore Agent
Income is a business term that is appropriately looked at from an accounting point of view. All other references or uses of the word income are derived from the accounting definition and in many cases, where regular people use the term, it's used loosely. That being said, income is the excess of revenues over expenses.


Revenues being the monetary equivalent of payments you receive either for goods sold or services rendered.


Expenses being operating and other costs incurred necessary to make that revenue.
 

Postman

Offshore Agent
For me, income is something that you are getting from the jobs that you are doing. It is used to buy something or pay something, as simple as that.
 

gwenpinay

Offshore Agent
In the business sense, income is not only money but the right to collect money for goods ALREADY sold or services ALREADY rendered, minus the expenses you incurred to make the goods or the provide the service. That means your AR forms part of your Total receipts for income computation purposes, in the same way as advance payment for recurring expenses - if you make that - is not part of operating expenses for income computation purposes.
 

crimson

Offshore Agent
Income is also a payment for service rendered. Another meaning is that money earned from the goods that it is sold less the expenses.
 

princee18

Offshore Agent
Income Basically is the payment you receive for the work you have provided to the firm. I believe that actual income would be the return of your hardwork, in the field you are satified with.
 

danny0278

Offshore Agent
According to me Income is the payment you are getting for the quality work you have provided. Whether it is just a simple cleaning job or a Software solution you have provided.
 

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