What is Income? - Definition, Types & Examples


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At its most basic level, what is income?

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1. The Haig-Simons definition of income includes:

2. You got into a car accident and hurt your back. You contacted the other driver's insurance company. They settled and you have been paid $200,000 for medical expenses and pain and suffering. What kind of income is this?

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About This Quiz & Worksheet

This quiz/worksheet will help you to determine how much you know about income. You'll be answering questions on key points such as the basic definition of income and the Haig-Simons definition.

Quiz & Worksheet Goals

For the quiz, you'll need to know about the following:

  • The kind of income you'd get from an insurance company after an accident
  • An example of transactional income
  • A person with the highest income from a given list, according to the Haig-Simons definition of income

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on understanding income
  • Defining key concepts - ensure that you can accurately define main terms, such as income and the Haig-Simons definition of income
  • Knowledge application - use your knowledge to answer questions about transactional income and income you might receive from an insurance company

Additional Learning

Further study of income is available from the lesson titled What is Income? - Definition, Types & Examples. You'll be covering these key points:

  • Charitable donations under the Haig-Simons definition of income
  • Financial gains through a change in marital status
  • Definition of 'encumbered' and what it means for a financial claim
  • Cancellation of debt income
  • Retirement planning