Question

Define income and describe various types of family income.

{HOME SCIENCE, ALIGARH MUSLIM UNIVERSITY SAMPLE PAPER 2017-18}

Answer 1

INCOME = Money Received , especially on a regular basis, for work or through investments.

Family Income is of 3 types : -

1 ) Earned Income - It refers to any income that is generated by working. The salary or income made from hourly employment.

Some activities that generates earned income includes : -

▪Working in a job
▪Owning a small business
▪Consulting
▪Gambling
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2 ) Portfolio Income - It refers to any income that is generated by selling an investment at ahigher price than you paid for it. It is also known as ' CAPITAL GAINS '
_______________________________

3 ) Passive Income - It refers to money one get from assets you have purchased or created. For example if you were to buy house & rent it out for money than it costs you to pay your mortrage & other expenses.

Hope this helps !

Answer 2

Hello dear

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Income is money that an individual or business receives in exchange for providing a good or service or through investing capital.

According to me there are three major types of family income. They are Money income Real income Psychic income.
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Money Income
If we talk about it then it includes all the income received in the form of money like salary or wages, house rent, gifts, interest earned from bank deposits and other investment.
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Real Income
Real income is the flow of commodities and services available to families for satisfying their needs and wants.
They are also of two types
1.Direct Income
2.Indirect Income
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Psychic Income
It consists of the mental and emotional satisfaction received from the use of money and real income. It is subjective in nature.

HOPE IT HELPS YOU BRO