Income Flashcards
1
Q
List the main sources of income
6 sources
A
- Wages and salaries
- Social welfare payments
- Pensions
- Income from rental property
- Interest from savings and returns form investments
- European Union farm subsidies
2
Q
What is a wage?
A
A fixed payment earned for work or services, typically paid on a daily or weekly basis
3
Q
What is a salary?
A
A fixed payment, typically paid on a monthly basis, but expressed as an annual sum
4
Q
What is gross income?
A
Income earned before any deductions are taken
5
Q
What is net income?
A
Income earned after deductions have been made
6
Q
What is net income also called?
A
Take-home pay
7
Q
What are the two types of deductions that can be taken from a person’s gross income?
A
Compulsory deductions and Voluntary deductions
