What is Income?
Sometimes, the term income is used to describe revenue.
At other times, it is used to describe the difference between revenues and expenses.
How it Works
A business may earn fees by providing some kind of service.
The business may also earn money from sales.
On top of this, the business may earn interest from investments.
Separately or severally, all these things could be referred to as revenue.
Equally, they could be referred to as income.
Income can also refer to the difference between revenue and expenses.
This is referred to as net profit or net income.
© R.J. Hickman 2020