ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Earned income includes wages, salary, tips and commissions. Passive or unearned income could come from rental properties, royalties and limited partnerships. Portfolio or investment income includes interest, dividends and capital gains on investments.

Detailed explanation-2: -Your total income is your gross income from all sources less certain deductions, such as expenses, allowances and reliefs. If you are married or in a civil partnership and jointly assessed, your spouse’s or civil partner’s income is included in total income.

Detailed explanation-3: -Gross income includes your wages, dividends, capital gains, business income, retirement distributions as well as other income. Adjustments to Income include such items as Educator expenses, Student loan interest, Alimony payments or contributions to a retirement account.

Detailed explanation-4: -Revenue refers to the total earnings a company generates through its core operations like sales of products or services, rents on a property, recurring payments, interest on borrowings, etc. Revenue calculations come before removing any expenses, such as discounts and returns.