TLE 6 HE Q4 Lesson 2: Sources of Family Income

It is a combined money earned by all the members of the family who are working. It is used to buy goods and services required for daily living.

• Family income
• Personal income
• Community income
• Business income

These are paid fixed amount per period like 30th day of every month.

• Salaries

• Pensions

• Fees from services

• Fees from Rent

These are money received for a pay rate per hour from rendering a service.

• Salaries

• Wages

• Pensions

• Fees from Rent

These are money granted by the government or private comprises upon one's retirement from service.

• Wages

• Salaries

• Pensions

• Short Time Work Support

These are money paid by lessee on a regular basis and in the same amount.

• Pensions

• Salaries

• Fees from Rent

• Fees from Services

This the financial gain earned from operating a business.

• Lottery Wins

• Commission

• Profit

• Bonus Payment

This is an incentive pay to certain individual from insurance, selling real estate, appliances and educational plans.

• Bonus payment

• Commission

• Profit

• Overtime payment

Family income can be classified as regular and irregular income. Which of these belongs to regular income?

• Salary

• Profit

• Commission

• Bonus payment

Which of these sets classify in the irregular income?

• wage, salary, pension

• fees from services, fees from rent, short time work support

• profit, commission, bonus payment

Why is it important to have a stable source of income?

• It is better to rely on sporadic income for long-term planning
• It is important to have a stable source of income for financial security and stability.
• A stable source of income leads to financial instability
• Having an unstable source of income is more exciting