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Passive v Active income

Quiz by Mike Thomson

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10 questions
Show answers
  • Q1
    What type of income requires continuous active work to earn, such as a salary from a job?
    Residual income
    Portfolio income
    Passive income
    Active income
    30s
  • Q2
    Which type of income is earned from investments that generate money without active involvement?
    Portfolio income
    Active income
    Residual income
    Passive income
    30s
  • Q3
    An example of passive income is...
    Receiving a monthly paycheck
    Doing chores for allowance
    Starting a lemonade stand
    Earning money from rental property
    30s
  • Q4
    Which type of income is tied directly to the amount of hours worked and the tasks completed?
    Passive income
    Active income
    Residual income
    Portfolio income
    30s
  • Q5
    Which type of income is earned without the need for ongoing active involvement, such as royalties from a book?
    Passive income
    Residual income
    Portfolio income
    Active income
    30s
  • Q6
    What is an example of active income?
    Receiving dividends from stocks
    Earning a salary from a part-time job
    Renting out a property for passive income
    Receiving royalties from a book
    30s
  • Q7
    What is the main difference between net income and gross income?
    Gross income includes all sources of income.
    Net income takes into account expenses, taxes, and deductions, while gross income does not.
    Net income includes only salary income.
    Net income is always higher than gross income.
    30s
  • Q8
    If someone's gross income is $50,000 and their net income is $40,000, what amount of money was deducted?
    $5,000
    $10,000
    $15,000
    $20,000
    30s
  • Q9
    Why is net income considered a more accurate representation of one's financial situation than gross income?
    Gross income includes all sources of income, making it easier to calculate.
    There is no significant difference between net income and gross income.
    Net income accounts for expenses, taxes, and deductions, providing a clearer picture of the actual money available.
    Net income always results in a higher monetary amount.
    30s
  • Q10
    Which type of income is generally higher, gross income or net income?
    Gross income
    They are always the same
    Net income
    It depends on the individual circumstances
    30s

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