explain the difference between gross income and net income
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Q 1/5
Score 0
Which of these statements about gross income and net income is true?
60
Gross income is a tax paid by an employer based on a worker’s wages, and net income is a tax on all income that a person earns.
Gross income is the amount an employee is paid after deductions and taxes, and net income is the total amount an employee earns before deductions are applied.
Gross income is a tax on all income that a worker earns, and net income is a tax paid by an employer based on a worker’s wages.
Gross income is the total amount an employee earns before deductions are applied, and net income is the amount an employee is paid after deductions and taxes.
Q 2/5
Score 0
What is gross income?
60
The total amount of money a person or company receives after deductions or allowances are taken out.
Money added to the price of certain goods and services,
normally as a percentage of the purchase price.
The total amount of money a person receives before any deductions or allowances are taken out.
Money paid by a company based on the amount of money the company spends paying all of its employees.
5 questions
Q.
Which of these statements about gross income and net income is true?
1
60 sec
5.10.B: Personal Financial Literacy
Q.
What is gross income?
2
60 sec
5.10.B: Personal Financial Literacy
Q.
How would you define net income?
3
60 sec
5.10.B: Personal Financial Literacy
Q.
Owen received $15,000 of compensation from his employer and he received $2,100 of interest from a municipal bond. What is the amount of Owen's gross income?
4
60 sec
5.10.B: Personal Financial Literacy
Q.
John a real estate agent sold a house for $80,000 he will earn 15% for the sale. What is his commission pay?
