Income Basics

Front

What are the two primary types of income mentioned in the lesson text 'Income Basics'?

Back

Earned Income and Unearned Income

Front

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.

Back

Income

Front

According to the lesson text 'Income Basics,' is winning the lottery considered a real financial plan?

Back

False

Front

Which of the following best describes 'Earned Income'?
Options:
Money received from investments,
Money earned in exchange for providing a good or service,
Money received as a gift,
Money won in a lottery

Back

Money earned in exchange for providing a good or service

Front

What is earned income?

Back

Money earned from direct participation in productive activities or labor, including wages, salaries, tips, bonuses, commissions, and self-employment income

Front

Fill in the blank: A ______ is the money paid to an employee for each hour of work provided.

Back

wage

Front

The total amount of wages an employee earns depends on the number of hours worked and the wage per hour the job pays.

Back

True

Front

What is a minimum wage?

Back

The lowest legally allowed hourly wage an employee can be paid

Front

Employers must abide by the highest minimum wage where the employee works.

Back

True

Front

According to the passage, what is the federal minimum wage in the United States?

Back

$7.25/hr