Some types of income can be non-salary. Which term describes money received from labor, business, or property?

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Prepare yourself for the GFL Financial Literacy Test. Study with flashcards and multiple choice questions. Each question comes with helpful hints and thorough explanations to aid retention. Get ready for your exam and achieve success!

Multiple Choice

Some types of income can be non-salary. Which term describes money received from labor, business, or property?

Explanation:
Money received from labor, business, or property is called income. Salary and wages are specific kinds of income tied to working for pay, so they’re narrower than the overall concept. An allowance is just a fixed payment for a particular purpose and isn’t the general term for all earnings. Since the question describes money coming from multiple sources, the best fit is Income/Revenues, which covers earnings from labor and from owning a business or property, with revenues representing the business-side form of that earnings.

Money received from labor, business, or property is called income. Salary and wages are specific kinds of income tied to working for pay, so they’re narrower than the overall concept. An allowance is just a fixed payment for a particular purpose and isn’t the general term for all earnings. Since the question describes money coming from multiple sources, the best fit is Income/Revenues, which covers earnings from labor and from owning a business or property, with revenues representing the business-side form of that earnings.

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