Personal Income

Define Income

• Income is when you receive any money from any source

• Income is money that comes from sources such as labor, businesses or investments

• Income is when you come in the room

• Income is a plan for spending money

What is wage?

• Wage is the minimum amount that a worker can legally be paid

• Wage is a type of income that is based on a fixed amount of a long term, typically a year

• Wage is a type of income that is based on an hourly exchange for labor

• Wage is a type of income in which a person earns a percentage of what he or she sells

What is salary?

• Salary is the minimum amount that a worker can legally be paid

• Salary is a type of income that is based on a fixed amount of a long term, typically a year

• Salary is a type of income that is based on an hourly exchange for labor

• Salary is a type of income in which a person earns a percentage of what he or she sells

What is commission?

• Commission is the minimum amount that a worker can legally be paid

• Commission is a type of income that is based on a fixed amount of a long term, typically a year

• Commission is a type of income that is based on an hourly exchange for labor

• Commission is a type of income in which a person earns a percentage of what he or she sells

Income for a household can be

• unlimited

• limited

• useless

• loaned

Which of the following is the best definition of minimum wage?

• There is no minimum wage in the United States

• A legal way for companies to avoid payment

• The emplpyees pick how much they would like to earn

• The government sets a minimum for companies to pay employees

Jonathan works at the Nike store. He attends UGA full time and works part-time. Jonathan averages 35 hours per week and makes 30% of the sale of each pair of Nike sneakers that he sells. Which type of income best describes Jonathan's?

• Salary

• Wage

• Commission

• None of the above

Cathy is a courtesy clerk at Walmart and earns $8 per hour for a 40 hour work week. She also attends Georgia state as a full time student. What type of income does Cathy earn?

• Commission

• Wage

• Salary

• None of the above

Mr. Khan has worked as a teacher at GCPS for 25 years. He has decided that this will be his last year working as a teacher. GCPS has agreed that Mr. Khan can continue to receive an income even after he leaves. Which type of income best describes the income that he will receive?

• Commission

• Salary

• Retirement

• Wage

Shelly has just graduated from Kennesaw State with a Bachelor's Degree in Nursing. She is excited and has accepted a position at Emory Hospital making $80,000 per year. She can expect to work up to 60 hours or more per week. What type of income best describes what Shelly will receive?

• Retirement

• Commission

• Wage

• Salary