Chapter 10 Lessons 1 & 2

What is Gross Income?

• Spending more than you earn

• The amount you earn before taxes and other payroll deductions

• The amount you earn after taxes and other payroll deductions

• The total amount of debt a country owes

What does Net Income refer to?

• A one-year period used for financial reporting

• The total amount of debt a country owes

• The amount you earn before taxes and other payroll deductions

• What a person earns after payroll taxes and other deductions are taken out

What are Withholdings?

• The total amount of debt a country owes

• Spending more than you earn

• A one-year period used for financial reporting

• The portion of an employee’s pay held back to cover taxes and other deductions

What is a Fiscal Year?

• The total amount of debt a country owes

• A one-year period that governments or companies use for financial reporting

• The amount you earn before taxes and other payroll deductions

• Spending more than you earn

What is Deficit Spending?

• The amount you earn before taxes and other payroll deductions

• Spending more than you earn

• The portion of an employee’s pay held back to cover taxes and other deductions

• A one-year period used for financial reporting

What is Earned Income?

• Income from inheritance

• Income from work performed

• Income from rental properties

• Income from investments

What is the definition of Wage?

• A fixed annual amount

• Money paid by the hour for agreed hours

• Income from investments

• Income from rental properties

What is Minimum Wage?

• Income from investments

• The highest amount employers can pay

• The smallest amount employers can legally pay per hour

• A fixed annual amount

What is Passive Income?

• Money earned with little or no effort

• Income from investments

• Income from rental properties

• Income from work performed

What is Portfolio Income?

• Income from rental properties

• Income from work performed

• Income from an investment sold at a higher price

• Income from inheritance