Real Income: Definition, Effect & Formula - Quiz & Worksheet

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is real income?

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1. Who does real income impact?

2. What happens if income remains the same and inflation goes up 2%?

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About This Quiz & Worksheet

What is real income and why is it important? Quiz questions will test you on what factors impact real income and how to calculate real income.

Quiz & Worksheet Goals

This quiz asks you to recall:

  • The definition of real income
  • How inflation affects real income
  • How to determine real income
  • Who is affected by real income

Skills Practiced

  • Critical thinking - apply relevant concepts to examine information about income in a different light
  • Problem solving - use acquired knowledge to solve problems pertaining to real income
  • Interpreting information - verify that you can read information regarding inflation and interpret it correctly

Additional Learning

For a more in depth look at real income, see the related lesson called Real Income: Definition, Effects & Formula. This lesson looks at:

  • The benefits of increased real income
  • How real income fluctuates
  • Take home income compared to real income
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