Revenue and income are similar terms but their actual usage differ in various ways. Let's look at the difference.
In terms of a business, we can talk about income and revenue. Revenue is the total amount of income generated by the sale of goods or services related to the company's primary operations.
Revenues are also known as gross sales, which means the total amount of money that the business receives from selling its products and services. It often referred to as the "top line" because it is displayed at the top of the profit and loss statement.
In contrast, income is the net profit, which remains after expenses and taxes are subtracted from revenues. In this context, net income is a company's total earnings or profit.
The term "income" is also used in the context of money made by individuals. In general, it means the total amount that a person earns, including his/her salary, but also inlcuding any money made from selling a property, interest or dividend received in connection with investments.
