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Income Quizzes & Trivia

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Quiz on income and wages calculation. Also, include vocabulary.

Questions: 17  |  Attempts: 331   |  Last updated: Jul 30, 2011
  • Sample Question
    Answer True or False to the following question: You receive the W2 form when you retire.

The circular flow of income is a model established to show the "flow" of income in and out of a country. The circular flow diagram was conveniently established to show this flow in a more constructed manner. Test your...

Questions: 10  |  Attempts: 113   |  Last updated: Jun 27, 2019
  • Sample Question
    Firms in the economy produce goods/services by using inputs like

If you were ever attentive in your economics class, then you'd know what a circular flow of income is. We know how hard it is to study sometimes. So use this fun quiz to pass time and to refresh your memory as well.  

Questions: 10  |  Attempts: 106   |  Last updated: Jun 27, 2019
  • Sample Question
    The two primary players in the circular flow model are

If you know about the economy, then you'd definitely know the circular flow of income. It's not a recent occurrence though as this theory has been there for years. Are you as knowledgeable about this topic as you think,...

Questions: 10  |  Attempts: 103   |  Last updated: Jun 27, 2019
  • Sample Question
    Who brought up this theory?

As the name implies, the circular flow of income is a chart like structure which represents the income of a household, a city, or even a whole country. As its name implies, it looks like a circle. Let's test your knowledge on...

Questions: 10  |  Attempts: 103   |  Last updated: Jun 27, 2019
  • Sample Question
    The flows of money and services run in….
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Income Questions & Answers


What is the difference between Wage and Income?
Wage and income are not totally referring to the same thing, but they are interrelated. Wage simply means the amount of money paid to someone for a specified quantity of work. Wages can come in different ways. There are some you get on a monthly basi
What is the difference between Hicks and Slutsky?
Hicks and Slutsky may be confusing to people who have never tried to know more about microeconomics. If by any chance that you need to know more about this now, you should know that HIcks is the method that will be used when the consumer would need t
What is the difference between GAAP and IFRS Income Statements?
As of now, there are two different standards of income. One would be GAAP or Generally Accepted Accounting Principle, and the other is IFRS or International Financial Reporting Standard. GAAP is a set of guidelines issued by the Financial Accounting
What is the difference between Earnings and Revenue?
When we are talking about earnings and revenues, we are basically referring to income mostly or majorly in terms of monetary value. They both have to do with a particular numerical amount totals that are generated by an individual, a business, or a p
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