Types of Income Grade 6

What does income mean?

• The money earned from working.

• The money earned from wages and salary only.

• The money earned from wages and salary, gifts, interest, and other payments.

• The money earned by a person who rents property.

Which one is the income from working in hourly, daily, or weekly payment basis?

• Salary

• Allowance

• Profit

• Wages

Which one is the income from working in weekly or monthly payment basis?

• Salary

• Allowance

• Profit

• Wages

What types of income which is paid by a person who rents property?

• Interest

• Rental Payment

• Profit

• Allowance

What does allowance mean?

• The money given by government for helping someone to pay their wants and needs.

• The extra money from the bank.

• The financial gain earned by individual, business, or government.

• The borrowed money.

The extra money from the bank is called...

• allowance

• salary

• interest

• profit

What does profit mean?

• The money given by government for helping someone to pay their wants and needs.

• The extra money from the bank.

• The financial gain earned by individual, business, or government.

• The borrowed money.

The income earned as the given money is called...

• profit

• allowance

• rental payment

• gift

What does human capital mean?

• Ground, building, and raw materials for producing goods and services.

• People who have necessary education, skill, and training to perform a particular job efficiently.

• A person who organizes land, labour, and capital to perform business.

• The man-made resources, such as money, cash, and machinery.

How do you count profit?

• total earning - cost of production

• cost of production - total earning

• total income - total expenditure

• total expenditure - total income