Private Income and Personal Income

Economics ⇒ National Income and Related Aggregates

Private Income and Personal Income starts at 12 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Private Income and Personal Income. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.

See sample questions for grade 12

Define private income.

Distinguish between factor income and transfer income with examples.

Explain the difference between private income and personal income.

Explain the relationship between private income, personal income, and national income.

Explain the role of transfer payments in the calculation of private income.

Explain the significance of personal income in the measurement of economic welfare.

Explain why corporate tax is deducted from private income to calculate personal income.

Explain why undistributed profits are deducted while calculating personal income from private income.

Which of the following is a component of private income? (1) Income from public sector (2) Corporate tax (3) Net factor income from abroad (4) Undistributed profits

Which of the following is a transfer income? (1) Wages (2) Rent (3) Scholarship (4) Profit

Which of the following is a transfer payment included in personal income? (1) Salary (2) Old age pension (3) Rent (4) Profit

Which of the following is deducted from private income to arrive at personal income? (1) Corporate tax (2) Transfer payments (3) Factor income from abroad (4) Interest on public debt

Fill in the blank: Personal income is calculated by subtracting _______ and _______ from private income.

Fill in the blank: Personal income is the income _______ received by households.

Fill in the blank: Personal income is the income actually received by _______.

Fill in the blank: Private income includes income from _______ sector only.

Is dividend received by households included in personal income? (Yes/No)

Is interest on public debt included in private income? (Yes/No)

Is personal income a measure of income actually received by households? (Yes/No)

Is transfer income from abroad included in private income? (Yes/No)