Perhaps the most humiliating portion of the treaty for the defeated Germany was Article 231, commonly known as the War Guilt Clause, which forced Germany to accept complete responsibility for initiating World War I.
For a company, net income is the residual amount of earnings after all expenses have been deducted from sales. In short, gross income is an intermediate earnings figure before all expenses are included, and net income is the final amount of profit or loss after all expenses are included. For example, a business has sales of $1,000,000, cost of goods sold of $600,000, and selling expenses of $250,000.
DEFINITION of 'Gross Income'. 1. An individual's total personal income before taking taxes or deductions into account. 2. A company's revenue minus cost of goods sold.Also called  gross margin  and gross profit..REAKING DOWN 'Gross Income'. 1. Your gross income is how much you make before taxes. It is the figure people are looking for when they ask how much you gross a month. 2. This is an important number when analyzing a company, it indicates how efficiently management uses labor and supplies in the production process.