Household Income

Household Income

1. INCOME

   • INCOME REFERS TO ALL THE MONEY RECEIVED OVER A PERIOD OF TIME
     • OVER SOME TIME

2. WAYS OF CALCULATING INCOME

   • TIME-RATE= MONEY RECEIVED FOR THE AMOUNT OF HOURS YOU DO
     • PIECE-RATE= MONEY RECEIVED FOR THE AMOUNT OF WORK YOU DO
       • OVERTIME= MONEY RECEIVED FOR WORKING MORE HOURS THEN THEIR NORMAL AMOUNT
         • COMMISSION= GETTING A PERCENTAGE OF ITEMS SOLD
           • BONUS= GETTING MORE MONEY FOR REACHING A CERTAIN TARGET

3. SOURCES OF HOUSEHOLD INCOME

   • WAGES AMD SALARIES: INCOME RECEIVED AS A REWARD FOR WORK.
   • PENSIONS:INCOME PAID TO THOSE HAVE RETIRED FROM WORK.
   • CHILD BENEFIT: A PAYMENT MADE TO PARENTS/ GUARDIANS OF CHIDREN
   • JOBSEEKER'S BENEFIT: A PAYMENT TO INDIVIDUALS WHO ARE UNABLE TO FIND EMPLOYMENT
   • WORKING FAMILY PAYMENT: A PAYMENT MADE TO HOUSEHOLDS WITH LOW LEVELS OF INCOME. A SUPPLEMENT IS A TOP UP PAYMENT
   • INTEREST ON SAVINGS: FINANCIAL INSTITUTIONS SUCH AS BANKS, BUILDING SOCIETIES, THE POST OFFICE AND CREDIT UNIONS REWARD THOSE WHO SAVE MONEY WITH THEM BY PAYING INTEREST ON THEIR SAVINGS
   • DIVIDENDS ON SHARES: A DIVIDEND IS THE PORTION OF COMPANY PROFITS PAID TO SHAREHOLDERS. ANYONE WHO BUYS SHARES OF A COMPANY IS CALLED A SHAREHOLDER. SHAREHOLERS ARE THE OWNERS OF A COMPANY AND MAY BE REWARDED FOR THEIR INVESTMENT BY RECEIVING A DIVIDEND