stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
SOURCES OF INCOME Flashcards | StudBud
Explore
/
SOURCES OF INCOME
SOURCES OF INCOME
12 terms
·
StudBud Administration
·
173 plays
A #humanities quiz to introduce the basics of #income to #grade 7 students. #economics
Flashcards
12 cards
F
Practice quiz
P
Host live
L
Questions
12
Answers
1
Lucy is a 17 year old student with a part-time job at KFC. What type of income does she have?
Transfer Payment
Earned
Unearned
Passive
2
What is a salary?
Payment based on one year's work
An hourly rate earned for work
Extra money earned from the sale of goods
Payment made weekly for work completed
3
Sergei is an accountant with investment properties. What types of income does he have?
Earned and Passive
Earned and Unearned
Earned and Transfer Payment
Unearned and Passive
4
Which of these employees is likely to earn commission?
Checkout Operator
Teacher
Real Estate Agent
Fireman
5
Which type of income allows employees to earn overtime?
Salary
Wage
Commission
6
What is commission?
A set amount withheld from an employees wages
A percentage of the value of goods sold
A regular fixed payment made to an employee
1.5 times the set hourly rate of pay
7
What kind of income is a salary?
Passive Income
Unearned Income
Earned income
Transfer Payment
8
Brian and Ruth are retired teachers. What type of income do they have?
Unearned
Transfer Payments
Earned
Passive
9
Which of the following IS NOT a form of income earned by a paid employee?
Interest
Commission
Salary
Wage
10
Which of these is a form of passive income?
Inheritance
Wage
Old Age Pension
Interest
11
Sam's grandfather died and left him $50,000 dollars. What type of income is this?
Transfer Payment
Unearned
Earned
Passive
12
How often is a salary usually paid?
Monthly or Annually
Fortnightly or Monthly
Weekly or Fortnightly
Weekly or Monthly
