Dictionary:
in·come (ĭn'kŭm')  |
[Middle English, arrival, entrance, from incomen, to come in, from Old English incuman : in, in; see in1 + cuman, to come; see come.]
| 5min Related Video: income |
| Investment Dictionary: Income |
Money received by a person or organization because of effort (work) or from return on investments.
Investopedia Says:
This is the general term for all the money that ends up in your hands.
Related Links:
Social Security benefits can be hard to collect. Should disability insurance be a part of your financial plan? Protecting Your Income Source
You need to plan ahead to ensure a long and happy future away from the daily grind. Preparing To Tap Your Income Stream
Don't know where your paycheck goes? Find out how a spending plan can help you save your money. The Beauty Of Budgeting
| Real Estate Dictionary: Income |
The money or other state benefit coming from the use of property, skill, or business.
Examples: In real estate, income may be produced by:
• rents
• fees
• royalties
• sales of crops, timber, or livestock
• revenues derived from business activities on the property
| Accounting Dictionary: Income |
1. Money earned during an accounting period that results in an increase in total assets.
2. Items such as rents, interest, gifts, and commissions.
3. Revenues arising from sales of goods and services.
4. Excess of revenues over expenses and losses for an accounting period (i.e., net income).
See also Gross Income; Income Realization; Net Income; Revenue.
| Business Encyclopedia: Income |
By working and being productive, households earn an income and businesses make a profit. The total amount that households and businesses receive before taxes and other expenses are deducted is called aggregate income. The amount of money that is left after taxes and other expenses have been deducted from one's pay is called disposable income. Discretionary income is what consumers (households) have to pay for the goods and services they desire. We shall focus only on households and how they consume their income. Households spend most of their discretionary income on con sumption. Some consumers spend even more than their current discretionary income on consumption by borrowing. Consumption consists of almost everything that consumers purchase, from durable to nondurable goods as well as all types of services. The only exception to this rule is the purchase of a new home: It is counted as an investment because homes tend to appreciate in value.
Households (individuals) cannot spend all their earnings on consumer goods and services. Part of the income each household receives must be used to pay different kinds of taxes, such as income taxes to federal, state, and local governments. Most state and local governments also impose sales taxes. In addition to paying income and sales taxes, households may also have to pay property taxes to local governments. After paying taxes and spending income on consumables, some households put aside money as savings to be used for consumption at a later time.
Earnings differ among individuals and households because of several factors: (1) inborn differences, (2) human-capital differences, (3) work and job performance, (4) discrimination,(5) age, (6) labor mobility, (7) government programs and policies, and (8) luck.
Inborn differences are those characteristics that one is blessed with, such as strength, energy, stamina, mental capacity, natural ability, and motivation.
Human-capital differences reflect how people invest various amounts of both their physical and mental capacities toward the achievement of specific goals.
Work and job performance indicates how individuals differ in their preferences regarding the trade-off between work and leisure. Those who wish to work more usually receive a higher income; others prefer more leisure at the cost of earning a lower income. People also prefer different types of jobs. These specific job choices will affect the distribution of income.
Discrimination is treating people differently solely on the basis of factors unrelated to productivity.
Age affects earnings significantly. Most individuals earn little before the age of eighteen. Earnings tend to increase as workers gain experience and their productivity increases.
Labor mobility—the willingness to go where the jobs are or to move wherever the company has a need—enhances an individual's income potential. Immobility limits workers' response to changes in wage rates and can contribute to an unequal distribution of income.
Government policies and programs, such as benefit programs and the progressive income tax, reduce income inequality. The minimum wage may also increase income inequality.
Luck plays a role in determining the distribution of income, but choices are perhaps the most important factor.
Bibliography
Mings, Turley. (2000). The Study of Economics: Principles, Concepts, and Applications, 6th ed. Guilford, CT: Dushkin Publishing Group.
[Article by: GREGORY P. VALENTINE]
| Dental Dictionary: income |
The return in money from one’s business, practice, or capital invested; gains, profit.
| Law Encyclopedia: Income |
The return in money from one's business, labor, or capital invested; gains, profits, salary, wages, etc.
The gain derived from capital, from labor or effort, or both combined, including profit or gain through sale or conversion of capital. Income is not a gain accruing to capital or a growth in the value of the investment, but is a profit, something of exchangeable value, proceeding from the property and being received or drawn by the recipient for separate use, benefit, and disposal. That which comes in or is received from any business, or investment of capital, without reference to outgoing expendi- tures.
| Economics Dictionary: income |
The amount of money received during a period of time in exchange for labor or services, from the sale of goods or property, or as a profit from financial investments.
| Veterinary Dictionary: income |
Financial return from a project or for help provided.
| Devil's Dictionary: income |
n.
The natural and rational gauge and measure of respectability, the commonly accepted standards being artificial, arbitrary and fallacious; for, as "Sir Sycophas Chrysolater" in the play has justly remarked, "the true use and function of property (in whatsoever it consisteth -- coins, or land, or houses, or merchant- stuff, or anything which may be named as holden of right to one's own subservience) as also of honors, titles, preferments and place, and all favor and acquaintance of persons of quality or ableness, are but to get money. Hence it followeth that all things are truly to be rated as of worth in measure of their serviceableness to that end; and their possessors should take rank in agreement thereto, neither the lord of an unproducing manor, howsoever broad and ancient, nor he who bears an unremunerate dignity, nor yet the pauper favorite of a king, being esteemed of level excellency with him whose riches are of daily accretion; and hardly should they whose wealth is barren claim and rightly take more honor than the poor and unworthy."
| Word Tutor: income |
When there is an income tax, the just man will pay more and the unjust less on the same amount of income.
— Plato, Source: The Republic
| Quotes About: Income |
Quotes:
"There is nothing more demoralizing than a small but adequate income."
- Edmund Wilson
"First secure an independent income, then practice virtue."
- Greek Proverb
"There are few sorrows, however poignant, in which a good income is of no avail."
- Robert Frost
"I'm living so far beyond my income that we may almost be said to be living apart."
- E.E. (Edward. E.) Cummings
"A large income is the best recipe for happiness I ever heard of."
- Jane Austen
| Wikipedia: Income |
 |
The examples and perspective in this article deal primarily with the United States and do not represent a worldwide view of the subject. Please improve this article or discuss the issue on the talk page. |
Income, refers to consumption opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms.[1] However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received... in a given period of time."[2] For firms, income generally refers to net-profit: what remains of revenue after expenses have been subtracted.[3] In the field of public economics, it may refer to the accumulation of both monetary and non-monetary consumption ability, the former being used as a proxy for total income.[1]
The International Accounting Standards Board uses this definition:
Contents |
In economics, factor income is the flow (that is, measured per unit of time) of revenue accruing to a person or nation from labor services and from ownership of land and capital.
In consumer theory 'income' is another name for the "budget constraint," an amount Y to be spent on different goods x and y in quantities x and y at prices Px and Py. The basic equation for this is
This equation implies two things. First buying one more unit of good x implies buying Px/Py less units of good y. So, Px/Py is the relative price of a unit of x as to the number of units given up in y. Second, if the price of x falls for a fixed Y, then its relative price falls. The usual hypothesis is that the quantity demanded of x would increase at the lower price, the law of demand. The generalization to more than two goods consists of modelling y as a composite good.
The theoretical generalization to more than one period is a multi-period wealth and income constraint. For example the same person can gain more productive skills or acquire more productive income-earning assets to earn a higher income. In the multi-period case, something might also happen to the economy beyond the control of the individual to reduce (or increase) the flow of income. Changing measured income and its relation to consumption over time might be modeled accordingly, such as in the permanent income hypothesis.
Income inequality refers to the extent to which income is distributed in an uneven manner. Within a society can be measured by various methods, including the Lorenz curve and the Gini coefficient. Economists generally agree that certain amounts of inequality are necessary and desirable but that excessive inequality leads to efficiency problems and social injustice.[1]
National income, measured by statistics such as the Net National Income (NNI), measures the total income of individuals, corporations, and government in the economy. For more information see measures of national income and output.
Throughout history, many have written about the impact of income growth on morality and society. Saint Paul wrote 'The love of money causes all kinds of trouble' (1 Timothy 6:10 (CEV).
Some scholars have come to the conclusion that material progress and prosperity, as manifested in continuous income growth at both individual and national level, provide the indispensable foundation for sustaining any kind of morality. This argument was explicitly given by Adam Smith in his Theory of Moral Sentiments[citation needed], and has more recently been developed in depth by Harvard economist Benjamin Friedman in his well-acclaimed recent book The Moral Consequences of Economic Growth[citation needed].
 |
This section does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed. (March 2008) |
In U.S. business and financial accounting, the term "income" is generally defined by GAAP and the Financial Accounting Standards Board as: Revenues - Expenses; however, many people use it as shorthand for net income, which is the amount of money that a company earns after covering all of its costs as well as taxes.
Net income is also called net profit. It is calculated as follows:
1. The gross income or revenue is tabulated.
2. Where applicable, the cost of goods sold or cost of operations figure is subtracted from the gross income to yield the gross profit.
3. All expenses other than the COGS or COO are subsequently subtracted from the gross profit to yield the profit or income - or, if a negative number, the net loss (usually written in parentheses). More commonly, this is reported on the Income Statement as "Income (or Loss) Before Taxes."
4. Taxes are then subtracted from the pre-tax income to give a final net income or net profit (or net loss) figure.
5. The patented Blatt double check is then factored in.
Net income or net profit which is not expended to shareholders in the form of dividends becomes part of retained earnings.
All public companies are required to provide financial statements on a quarterly basis, and the income statement of income is one of the most important of these. Some companies also provide a more rosy financial report of their income, with pro forma reporting, or, EBITDA reporting. Pro forma income is an estimate of how much the company would have earned without including the negative effect of exceptional "one-time events", supposedly in order to show investors how much money the company would have made under normal circumstances if these exceptional, one-time events had not occurred. Critics charge that, in most cases, the "one-time events" are normal business events, such as an acquisition of another company or a write off of a cancelled project or division, and that pro forma reporting is an attempt to mislead investors by painting a rosy financial picture. Besides that, when discussing results with analysts and shareholders, CEOs and CFOs have a tendency to do even more "hypothetical accounting". EBITDA stands for "earnings before interest, taxes, depreciation, and amortisation", and is also criticised for being an attempt to mislead investors. Warren Buffett has criticised EBITDA reporting, famously asking, "Does management think the tooth fairy pays for capital expenditures?"
It is common for some other companies, such as real estate investment trusts, to present reports using a standard called FFO, or "Funds From Operations". Like EBITDA reporting, FFO ignores depreciation and amortization. This is widely accepted in the industry, as real estate values tend to increase rather than decrease over time, and many data sites report earnings per share data using FFO.
Full income refers to the accumulation of both, monetary and non-monetary consumption ability of any given entity, such a person or household. According to the what economist Nicholas Barr describes as the "classical definition of income:" the 1938 Haig-Simons definition, "income may be defined as the... sum of (1) the market value of rights exercised in consumption and (2) the change in the value of the store of property rights..." Since the consumption potential of non-monetary goods, such as leisure, cannot be measured, monetary income may be thought of as a proxy for full income.[1] As such, however, it is criticized for being unreliable, i.e. failing to accurately reflect affluence and that is consumption opportunities of any given agent. It omits the utility a person may derive from non-monetary income and, on a macroeconomic level, fails to accurately chart social welfare. According to Barr, "in practice money income as a proportion of total income varies widely and unsystematically. Non-observability of full-income prevent a complete characterization of the individual opportunity set, forcing us to use the unreliable yardstick of money income." On the macro-economic level, national per-capita income, increases with the consumption of activities that produce harm and omits many variables of societal health.[1]
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
| Translations: Income |
Dansk (Danish)
n. - indkomst, indtægt, indtjening
idioms:
Nederlands (Dutch)
inkomen, inkomsten
Français (French)
n. - revenu, revenus, salaire
idioms:
Deutsch (German)
n. - Einkünfte, Einkommen
idioms:
Ελληνική (Greek)
n. - (οικον.) εισόδημα, πρόσοδος
idioms:
Italiano (Italian)
reddito, stipendio
idioms:
Português (Portuguese)
n. - renda (f)
idioms:
idioms:
Español (Spanish)
n. - ingreso, renta, entrada, utilidad, rédito
idioms:
Svenska (Swedish)
n. - inkomst, avkastning
中文（简体）(Chinese (Simplified))
收入, 所得, 收益
idioms:
中文（繁體）(Chinese (Traditional))
n. - 收入, 所得, 收益
idioms:
idioms:
العربيه (Arabic)
(الاسم) دخل
עברית (Hebrew)
n. - הכנסה כספית
If you are unable to view some languages clearly, click here.
To select your translation preferences click here.
| Best of the Web: income |
Some good "income" pages on the web:
 American Sign Language commtechlab.msu.edu |
 | investment |
| Operating Income |
| Rental Income |
Copyrights:
 |
 | Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2007. Published by Houghton Mifflin Company. All rights reserved. Read more |
 |
| Investment Dictionary. Copyright ©2000, Investopedia.com - Owned and Operated by Investopedia Inc. All rights reserved. Read more |
 |
| Real Estate Dictionary. Dictionary of Real Estate Terms. Copyright © 2004 by Barron's Educational Series, Inc. All rights reserved. Read more |
|
| Accounting Dictionary. Dictionary of Accounting Terms. Copyright © 2005 by Barron's Educational Series, Inc. All rights reserved. Read more |
 |
| Business Encyclopedia. Encyclopedia of Business and Finance. Copyright © 2001 by The Gale Group, Inc. All rights reserved. Read more |
 |
| Antonyms. © 1999-2009 by Answers Corporation. All rights reserved. Read more |
 |
| Dental Dictionary. Mosby's Dental Dictionary. Copyright © 2004 by Elsevier, Inc. All rights reserved. Read more |
 |
| Law Encyclopedia. West's Encyclopedia of American Law. Copyright © 1998 by The Gale Group, Inc. All rights reserved. Read more |
 |
| Economics Dictionary. The New Dictionary of Cultural Literacy, Third Edition Edited by E.D. Hirsch, Jr., Joseph F. Kett, and James Trefil. Copyright © 2002 by Houghton Mifflin Company. Published by Houghton Mifflin. All rights reserved. Read more |
|
| Veterinary Dictionary. Saunders Comprehensive Veterinary Dictionary 3rd Edition. Copyright © 2007 by D.C. Blood, V.P. Studdert and C.C. Gay, Elsevier. All rights reserved. Read more |
 |
| Devil's Dictionary. Devil's Dictionary by Ambrose Bierce, 1911 Read more |
 |
| Word Tutor. Copyright © 2004-present by eSpindle Learning, a 501(c) nonprofit organization. All rights reserved. eSpindle provides personalized spelling and vocabulary tutoring online; free trial. Read more |
 |
| Quotes About. Copyright © 2005 QuotationsBook.com. All rights reserved. Read more |
 |
| Wikipedia. This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Income". Read more |
 |
| Translations. Copyright © 2007, WizCom Technologies Ltd. All rights reserved. Read more |
Mentioned in
|
