Income is a consideration earned in respect of products sold or sevices provided by an individual. It can also be said as the profits derived by a businessman from the business.
Types of income
- Salary : fixed pay per month of an employee is called salary
- Wages : wages are hourly consideration of labours.
- Commission : commission are given to middlemens.
- Interest on lendings : interest recieved from someone who is using your money to generate profits or assets is an income.
- Profits : profits are derived by selling products in a market.
- Investments : investments will generate returns and it is considered as income.
Therefore wages, commission, and investments are types of income.
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