'Outgoings' can be used in a business context, I don't believe I've ever heard it used by people to describe their personal expenditure, or expenses. Expenditure usually refers to spending on a particular thing e.g. 'the library's expenditure on IT services was $50,000'. Expenses usually refers to things you must spend money on - rent, food, heating etc. Spending is more of a general term, for example, you might say 'I can't stop spending! I need to stay away from shoe shops'. 'Costs' is also quite business-like language. It would normally be the opposite of 'profits' (along with losses of course).
There's probably other words I'm not thinking of as well.
Thanks Gwan and OtterPop for your explanations.
It was a surprise to me to know even native speakers never heard of "outgo," but I think it's true because my dictionary enters the word "outgo" but the article is just a few words-long.
If the antonym of "income" is "outgo", it is more symmetrical, isn't it?
Expenses, expenditure or outgoings (BE) are some of the terms.
As you will have gathered from previous posts here, there is no general term that's right at any given context, and the context will decide which term to use at any given time. In accounting, it is of course imperative to use the correct term, and I'm pretty sure that British and American usage vary, too, to make life even more difficult...