Definitions
What is the definition of Income?
Income is money that you receive for working. People use it to meet their needs like food, clothes, medicines.
What is the difference between salary and wages?
Salary is a set amount of money paid to an employee and wages are amounts of money paid by every hour of work.
How many types of income can you enumerate?
1. Wages
2. Salary
3. Commission
4. Overtime
5. Interest
6. Profit
7. Rent
What is the definition of an entrepreneur?
An entrepreneur is a person who starts a business and will take a risk to make a profit.
What is the meaning of Interest?
Interest is the amount of money a lender or financial institution receives for lending out money.
What is the Definition of Taxes?
A tax is a part of your income that the government collects to pay for community, state, and national services.
Can an employee who earns a salary receive overtime payments?
No, overtime is an additional payment earned for hours worked beyond the work schedule and a salaried employee can work beyond the schedule and not receive extra money.
Who can lend money?
1. Banks
2. Financial Institutions
3. People
What is the definition of a Bank?
A bank is a business that deals with money. Banks hold their clients' money and lend the money in the form of Loans.
What is the meaning of rent?
Rent is a fee paid by someone to use another person's property.
What is the definition of wages?
Wages are the amount of money paid for every hour of work completed.
Can an employee who works in commission receive overtime payments?
No, the commission is a fixed payment that depends on the sale of a good or service despite the time the employee takes to make the sale.
Who can collect taxes?
1. The State
2. The Federal Government
What is the definition of Interest?
Interest is the amount of money a lender or financial institution receives for lending money.
Name three entrepreneurs from Florida and talk about their activities.
Wally Famous Amos created the Famous Amos Cookie Company inspired by his aunt's Delia recipe.
Cristina Saralegui is a Cuban-American media personality who founded her magazine and started her talk show.
Dr. James Robert Cade, created a drink to prevent dehydration, Gatorade.
Salary is a set amount of money paid to an individual for their work.
What is the definition of Overtime?
Overtime is an additional payment eaned for hours worked beyond the schedule.
Enumerate the types of taxes.
1. Sales Taxes
2. Federal Income Tax
3. State Income Tax
4. Property Taxes
What is the definition of Lender?
The lender is a financial institution, a company, a person, or a bank that lends money.
Wha is he role of government in economics?
To use money and funds to provide services to citizens, the school, roads, community library, police.
What is the Definition of Commission?
Commission is a payment that an employee makes when they sell something. A portion of that sale becomes the income for the employee.
Does an employee who earns a salary work on a set schedule?
No, an employee who earns a salary can work beyond the hours of the work schedule.
How do entrepreneurs earn income?
Entrepreneurs earn income by taking a risk and investing in their businesses to make a profit.
What is the meaning of Loan?
A loan is an amount of money borrowed that must be paid within a certain amount of time.
1. Commercial Bank serves businesses and individuals by offering checking accounts, loans, and savings accounts.
2. Savings Banks mostly offer savings accounts and loans.
3. Credit Union people in the same type of employment put their savings together and loan them to others within that organization. They operate their banks, but they are non for profit organizations. they offer the same services as banks.