Revenue is commonly referred to as:

Revenue is commonly referred to as:

• A. Expenses
• B. Income
• C. Liabilities
• D. Net assets

Answer: (B)

Revenue is the money the association earns from its ongoing activities—the inflow you see from dues, assessments, services, and similar sources. That’s why it’s commonly referred to as income: “income” is the everyday term for money received by an organization from its operations. It’s distinct from expenses (the costs the association incurs), liabilities (what it owes), and net assets (the residual of assets minus liabilities). So the label that best matches revenue in everyday usage is income.

Revenue is the money the association earns from its ongoing activities—the inflow you see from dues, assessments, services, and similar sources. That’s why it’s commonly referred to as income: “income” is the everyday term for money received by an organization from its operations. It’s distinct from expenses (the costs the association incurs), liabilities (what it owes), and net assets (the residual of assets minus liabilities). So the label that best matches revenue in everyday usage is income.