
Income Basics
Authored by Stephen Burchett
Business
10th Grade
Used 1+ times

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83 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the two primary types of income mentioned in the lesson text 'Income Basics'?
Passive and Active Income
Earned Income and Unearned Income
Salary and Wages
Investment and Savings
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: ______ is money an individual or business earns or receives as the result of economic activity. It includes the money earned in exchange for providing a good or service, or received from investing capital.
Income
Expense
Debt
Liability
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the lesson text 'Income Basics,' is winning the lottery considered a real financial plan?
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes 'Earned Income'?
Money received from investments
Money earned in exchange for providing a good or service
Money received as a gift
Money won in a lottery
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is earned income?
Money received as a gift
Money earned from direct participation in productive activities or labor, including wages, salaries, tips, bonuses, commissions, and self-employment income
Money inherited from family
Money won in a lottery
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: A ______ is the money paid to an employee for each hour of work provided.
wage
salary
bonus
commission
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total amount of wages an employee earns depends on the number of hours worked and the wage per hour the job pays.
True
False
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