What Is Residual Income? - Definition, Model & Formula

Instructions:

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question 1 of 3

What is one description of residual income?

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1. How is residual income related to wealth creation?

2. What is one way musicians earn residual income?

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About This Quiz & Worksheet

This quiz and worksheet can help you review what residual income is and why it's important. You will need to find the relationship between residual income and wealth creation to pass the quiz.

Quiz & Worksheet Goals

This quiz and worksheet can help you review:

  • Definition of residual income
  • Types of residual income
  • Calculating residual income
  • Relationship between wealth creation and residual income

Skills Practiced

  • Interpreting information -verify that you can read information regarding the different types of residual income and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about calculating residual income
  • Problem solving- use acquired knowledge to solve economic practice problems

Additional Learning

To learn more about residual income, review the corresponding lesson on What is Residual Income? - Definition, Model & Formula. This lesson will help you:

  • Define residual income
  • Identify the formula used to calculate residual income
  • Determine how residual income is relevant
  • Learn about the different forms of residual income
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