Income and Wealth

Which of the following are examples of income

• Pension fund

• Savings

• Salary

• Shares

• Welfare benefits

Wealth is best defined as...

• The total income an individual generates

• The value of savings and property

• The value of all capital stock held

• How much money an individual has

A tax on income is best described as:

• An indirect tax

• Income tax

• A direct tax

• VAT

How is income and wealth redistributed

• By having different entry/skill requirements for jobs

• Through choice of how to spend/invest earnings

• Through taxation

• Through population migration

Sam has a salary of £2,000 per month. He has savings of £10,000. In addition to this he has saved £3,000 into a pension fund. He earned £50 interest last month. His wealth is:

• £15,050

• £10,000

• £15,000

• £13,000

Complete the sentence. The richest 20% own..

• 40% of total wealth

• 50% of total wealth

• 60% of total wealth

• 70% of total wealth

Which of the following are consequences of inequality

• Poverty

• Enterprise

• Poor health

• Economic growth

According to the Forbes rich list 2019, the wealthiest individual last year was..

• Bill Gates

• Warren Buffett

• Jeff Bezos

• Mark Zuckerberg

This terms describes the income received from shares.

• Interest

• Dividend

• Capital

• Stock

Tom has a salary of £40,000 per annum. He pays £7,000 in tax. He also owns property worth £250,000. What is his net income?

• £40,000

• £47,000

• £33,000

• £290,000