SOURCES OF FAMILY INCOME Family income can be derived from one or a combination of these sources.
1. Salaries/ Wages – money earned from working as employees of a commercial/ industrial services companies.
2. Commission- money earned from selling real estate, insurance, appliances, educational plans, life plans, and the like.
3. Bonus- money given as addition to a regular income as a recognition for a number of years of service in a company.
4. Fees from services- money earned from sevices rendered such as repair of appliances/ vehicles; consultations, writing research for project/ thesis; book writing, running errands, doing laundry for others, catering, or baking cakes and pastry products for friends and acquaintances.
5. Pension – money granted by the government or private companies upon one’s retirement from the service.
6. Profit- money earned from operating a business. MANAGING THE FAMILY INCOME Today’s family income has become bigger and bigger with more members of the family earning a living. With the increase in income, there is a corresponding increase in expenditures. Expenditure should be planned so that it does not exceed the income. To be able to do this, preparing a budget is necessary.
Explanation:
#CARRY ON LEARNING
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SOURCES OF FAMILY INCOME Family income can be derived from one or a combination of these sources.
1. Salaries/ Wages – money earned from working as employees of a commercial/ industrial services companies.
2. Commission- money earned from selling real estate, insurance, appliances, educational plans, life plans, and the like.
3. Bonus- money given as addition to a regular income as a recognition for a number of years of service in a company.
4. Fees from services- money earned from sevices rendered such as repair of appliances/ vehicles; consultations, writing research for project/ thesis; book writing, running errands, doing laundry for others, catering, or baking cakes and pastry products for friends and acquaintances.
5. Pension – money granted by the government or private companies upon one’s retirement from the service.
6. Profit- money earned from operating a business. MANAGING THE FAMILY INCOME Today’s family income has become bigger and bigger with more members of the family earning a living. With the increase in income, there is a corresponding increase in expenditures. Expenditure should be planned so that it does not exceed the income. To be able to do this, preparing a budget is necessary.
Explanation:
#CARRY ON LEARNING