Understanding Earned Income
A Grade 5 social studies worksheet on earned income, covering definitions, types, and factors influencing it.
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Understanding Earned Income
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Read each question carefully and answer to the best of your ability. This worksheet will help you understand what earned income is and how people earn money.
1. What is 'earned income'?
Money given as a gift
Money received from selling old toys
Money received for working
Money found on the street
2. Which of these is an example of a salary?
Earning money for each hour you work
Getting a fixed amount of money every month for your job
Receiving money for every item you sell
Winning money in a contest
3. When someone works for an hourly rate, they are paid based on the number of they work.
4. A person who owns their own business and earns money from it is called a(n) .
5. A commission is a fixed amount of money paid for a job, regardless of hours worked.
True
False
6. Tips are extra money given by customers for good service and are a form of earned income.
True
False
7. Describe one way a person at your school might earn income.
8. Explain the difference between a wage and a salary.