What term describes the total amounts received from all sources for the year before subtracting costs or expenses?

The term that describes the total amounts received from all sources for the year before subtracting costs or expenses is "gross receipts." This encompasses all revenue generated by a business or individual, including sales, services, and any other income, without deducting any expenses or costs associated with generating that income.

Understanding this term is essential as it forms the basis for financial reporting and tax calculations. Gross receipts provide a clear picture of the total inflow of funds, which is crucial for assessing the overall performance of a business or individual during a given period. It distinguishes itself from other terms such as gross income and net income, which involve deductions or calculations that take expenses into account.