Understanding Income and Wages

Understanding Income and Wages

8th Grade

6 Qs

quiz-placeholder

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Understanding Income and Wages

Understanding Income and Wages

Assessment

Quiz

Social Studies

8th Grade

Hard

Created by

Jason Ferguson

FREE Resource

6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the term used to describe the money earned from work or investments?

Expense

Income

Debt

Savings

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following best describes a salary?

A fixed regular payment, typically paid on a monthly or biweekly basis, but often expressed as an annual sum

Payment received for each hour worked

Money received from selling goods

A one-time payment for a specific task

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a person earns $15 per hour and works 40 hours a week, what is their weekly wage?

$400

$500

$600

$700

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT considered a form of income?

Salary

Interest from savings

Lottery winnings

Grocery expenses

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If an employee's annual salary is $48,000, what is their monthly salary before taxes?

$3,000

$3,500

$4,000

$4,500

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the difference between salary and wage?

A salary is based on the hours you work, and a wage is not.

A wage is an amount that is paid for each hour, and a salary is a set income paid regularly.

A wage is income for very experienced workers.

They are the same types of income.