Income

What is net income?

• The total revenue generated by a business before any deductions.

• The amount of money left after all deductions, taxes, and expenses are subtracted from gross income.

• The total expenses incurred by a business during a specific period.

• The amount of money earned from investments before taxes.

If you earn a 15.8% commission on $1,600.00, what is your commission?

• $200.00

• $252.80

• $300.00

• $180.00

Why are salespeople often paid on commission?

• They are incentivized to increase sales and revenue.

• They prefer to work independently without supervision.

• They receive a fixed salary regardless of performance.

• They are required to meet a minimum sales quota.

If Sam started at 6:00am and left at 3:00pm, how many hours did he work?

• 8 hours

• 9 hours

• 10 hours

• 7 hours

What is income?

• Income is the money received for work or through investments.

• Income is the total amount of money spent on living expenses.

• Income is the money earned from selling goods only.

• Income is the money received from family and friends.

If Jilli worked from 9am to 3pm at $9.23 per hour, how much did she earn?

• $45.00

• $50.25

• $55.38

• $60.00

How do you determine the number of hours worked?

• Add the start time to the end time to find the total hours worked.

• Subtract the start time from the end time to find the total hours worked.

• Multiply the start time by the end time to find the total hours worked.

• Divide the end time by the start time to find the total hours worked.

How do you calculate hourly earnings?

• By adding bonuses to the hourly wage

• By multiplying the hourly wage by the number of hours worked

• By dividing the total salary by the number of weeks worked

• By estimating the average earnings of similar jobs

What is gross income?

• Gross income is the total income earned before any deductions or taxes.

• Gross income is the income after all deductions and taxes.

• Gross income is the income earned from investments only.

• Gross income is the total income earned from a single source.

What is the difference between salary and commission?

• Salary is a fixed regular payment, while commission is variable and based on performance.

• Salary is based on performance, while commission is a fixed regular payment.

• Both salary and commission are fixed payments.

• Salary is a one-time payment, while commission is paid monthly.