Income and Income Types Review

Statistics show that the higher level of education one has, the higher their __________ will be.

• Income

• Life expectancy

• Retirement Age

• Working age

Income you must for for in order to receive is known as _____________.

• Earned Income

• Unearned Income

• Household Income

• Retirement Income

Income that you do not have to work for to receive is known as ___________.

• Earned income

• Household Income

• Unearned Income

• Retirement Income

Which of the following is an example of earned income?

• Salary

• Retirement Benefits

• Health Insurance

• Birthday card with cash

How many hours must a wage earner work in order to receive overtime pay?

• Over 40 hours

• Over 50 hours

• Over 60 hours

• Over 70 hours

A type of pay where payment is received for the number of products produced correctly is known as ________.

• Piece Rate

• Commission

• Bonus

• Salary

Pay that is only received when a sale is made is known as ________.

• Commission

• Salary

• Wage

• Piece Rate

Which of the following is an example of unearned income?

• Salary of $56,000

• Wage of $8.25 per hour

• Interest paid from a savings account

• Commission on the sale of car

How much must a give be in order for it to be taxable?

• $13,000 or over a year

• $20,000 or over a year

• $25,000 or over a year

• $45,000 or over a year

The total amount earned on a paycheck before deductions are made is known as __________.

• Gross Pay

• Net Pay

• Earned Pay

• Unearned Pay