Learning Reflection

In Maths, we have started to learn about Financial Literacy. One thing I've learned during this topic is the different type of incomes.

1. Wages: Paid per hour worked
2. Salary: A fixed weekly, fortnightly or monthly amount for a job
3. Fee: Charged for a service
4. Commission: Received for selling goods
5. Rent: Received for the use of land or property
6. Dividend: Received by owners of shares in a company
7. Royalty: Received by people who produce original books/music etc.
8. Profit: Received by the owners of a business
9. Interest: Received for allowing someone else to use your money
10. Admission Fee: Received by charging people to see something you own
11. Hire Fee: For owners of equipment that is borrowed
12. Capital Gain: When you buy something and sell it later for more
13. Superannuation: Received as an income when you retire
14. Social Welfare Benefit: Received from the government when you cannot work
15. Inheritance: Money that is left to you by a person that has died
16. Winnings: Money received as a result of gambling