Column 1
Give an example of a type of income.
Wages, Salary, Business Income, Rent, Interest, Dividends, Pensions, Remittances
What is an Exchange Rate?
Amount of one country's money you get when you trade it for another country's money.
Based on a rate per hour/week. What type of income fits that definition?
Wage
This type of income is earned by professionals like consultants or lawyers for providing a specific service.
Fee
This income type is often earned by salespeople and is based on a percentage of the value of goods sold.
Commission
Name two differences between a wage and a salary.
A wage is paid hourly, while a salary is paid on a yearly basis.
Wages can vary with hours worked; salaries are fixed regardless of hours.