outlay vs expense

outlay and expense both are nouns.

Word	Noun	Adjective	Verb	Adverb
outlay	Yes	No	No	No
expense	Yes	No	Yes	No

As nouns, expense is a hyponym of outlay; that is, expense is a word with a more specific, narrower meaning than outlay:

Other hyponyms of outlay include cost, transfer payment.

outlay (noun)	expense (noun)
the act of spending or disbursing money	a detriment or sacrifice
money paid out; an amount spent	amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures)
	money spent to perform work and usually reimbursed by an employer

outlay (verb)	expense (verb)
	reduce the estimated value of something