Question
Download Solution PDFWhat is a transfer income?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Unearned income.
Key Points
- Transfer income refers to income received without providing any goods or services in return.
- This type of income typically includes welfare payments, social security benefits, and other government subsidies.
- It is termed unearned income as it is not earned through active employment or business activities.
- Examples include pensions, unemployment benefits, and child support payments.
- Transfer incomes are primarily aimed at supporting individuals and households in financial need.
Additional Information
- Earned Income: Income derived from active work such as salaries, wages, and business profits.
- Disposable Income: The amount of money left to spend or save after taxes have been deducted from earnings.
- Public Income: Revenue collected by the government from various sources like taxes, fees, and public enterprises.
- Unearned Income: Includes transfer incomes, interest, dividends, and other forms of income not resulting from labor or business activities.
- Transfer payments are a significant part of fiscal policy, used to redistribute wealth and provide financial stability to vulnerable populations.
Last updated on Dec 9, 2024
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