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Simple English definitions for legal terms
net
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A quick definition of net:
Term: Net
Definition: Net is the amount of money or value left over after all the expenses, taxes, and other costs have been taken out. For example, if you earn $100 but have to pay $20 in taxes and $30 in expenses, your net earnings would be $50. It's like counting your allowance after you've spent some of it on toys and candy.
A more thorough explanation:
Definition: The net is the amount of value left over after subtracting any expenses, liabilities, taxes, or other amounts that take away from the amount’s value. For example, net earnings is a business’s gross earnings less the cost of goods sold, operating and overhead expenses, depreciation expenses, financing expenses, and any other expenses incurred in managing the business.
Example: If a lemonade stand makes $50 in sales but spent $20 on lemons, sugar, and cups, then the net profit is $30.
Explanation: The net profit is the amount of money the lemonade stand made after subtracting the expenses of buying the ingredients and supplies. In this case, the net profit is $30, which is the amount of money the lemonade stand gets to keep.