INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The amount you earn each month in income minus what you save.
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The amount you earn each month in income minus what you spend.
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The amount left over from your monthly paycheck before deductions.
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The amount left over from your monthly paycheck after deductions.
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Detailed explanation-1: -Take-home pay is the net amount of income received after the deduction of taxes, benefits, and voluntary contributions from a paycheck. It is the difference resulting from the subtraction of all deductions from gross income.
Detailed explanation-2: -Gross income is the amount someone is paid before deductions, such as Social Security taxes or contributions to retirement accounts. And net income is what’s left after those deductions.
Detailed explanation-3: -Take-home Salary = Gross Salary – Income Tax – Employee’s PF contribution (PF) – Professional Tax. Gross Salary = CTC – Employer’s PF contribution (EPF) – Gratuity. Gratuity = (Basic salary + DA) × 15/26 × No. of years of service.
Detailed explanation-4: -Take Home Salary = Gross Salary-Income Tax-Employee’s PF Contribution(PF)-Prof. Tax. Gross Salary = Cost to Company (CTC)-Employer’s PF Contribution (EPF)-Gratuity. Gratuity = (Basic salary + Dearness allowance) × 15/26 × No. of Years of Service.
Detailed explanation-5: -Take home salary – Take home salary is the amount that will be credited to your bank account. This is usually your gross salary less deductions (such as income tax, employee contribution to provident fund, profession tax etc) less any benefits in kind.