Types of Income
The total income earned before taxes and deductions are taken out.
Gross Income
The income remaining after taxes and deductions, representing the actual amount received.
Net Income
Is a medium of exchange, a unit of account, and a store of value that facilitates economic transactions. It has evolved from early forms like bartering and commodity money to modern systems of electronic currencies.
Money
Income earned through active participation in a job, business, or other activities, such as a salary or hourly wage.
Earned Income
Which form of money is described as the official form in active circulation within a country?
Currency
A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Profit
Money received from renting out property or assets, such as real estate, vehicles, or equipment.
Rental Income
Payments received by artists, authors, or creators for the use of their intellectual property, such as books, music, or patents.
Royalty
an economic system where people exchange goods and services directly for other goods and services, without using a medium of exchange like money.
Barter System
Money earned through investments in stocks, bonds, mutual funds, and other financial instruments.
Capital Gains
Earnings generated from interest payments on loans, savings accounts, or investments in bonds and certificates of deposit.
Interest Income
Anything that buyers and sellers widely accept as payment for goods and services, making trade more efficient than bartering.
Medium of Exchange
A payment made to shareholders from a company's earnings, often as a portion of the profits.
Dividends
A store of value is an asset or currency that maintains its purchasing power over time, allowing people to save wealth for future use without significant loss of value.
Store of Value