Sources of Income
Money you earn from doing a job.
Wages/Salary
A small amount of money taken from your pay for the government
Tax
You can only earn income from a job.
False
Money you receive for renting out property.
Rent
Buying something quickly without thinking it through.
Impulse buying
If you don’t pay your taxes, there are no consequences.
False
Money you get from the government when you are retired.
Pension
When you choose one thing, you give up the next best alternative. What is this called?
Opportunity cost
Net pay is also known as 'take-home-pay'
True
Extra payment given by employers as a reward for good work
Bonus
False economy.
Income that you don't expect, such as a win on the National Lottery.
Windfall income.