Types of Income

Types of Income

2 Different Types

Earned Income

● money received as

pay for work
performed

Unearned/Passive Income

● any income that is not

acquired through work

● Money you earn by

doing nothing

● Wages
● Salary
● Tips
● Bonuses
● Commission

Earned Income Examples

Unearned/Passive Income

● Interest Earned
● Rental property
● Gifts
● Lottery
● Inheritance
● Unemployment Benefits

● Retirement Accounts
● Welfare
● Social Security
● Veterans Benefits

Multiple Choice

You receive $40 for your

Birthday.

• Earned Income

• Unearned Income

Multiple Choice

You run your own farm and sell vegetables at the farmer’s market

• Earned Income

• Unearned Income

Multiple Choice

You received a bonus at the end of the year for doing a great job at your work

• Earned Income

• Unearned Income

Multiple Choice

You lose your job and collect unemployment benefits

• Earned

• Unearned

Multiple Choice

You earned $2.16 interest on your savings account

• Earned

• Unearned

Multiple Choice

You receive a weekly allowance of $15 for chores

• Earned

• Unearned