1

knowledge

There are various jobs in the world. And different jobs have different requirements.

application

Make a list of jobs that you can think of, and describe the requirements of each.

2

knowledge

People get incomes from their jobs.

application

Explain why employers are willing to pay others to work for them.

3

knowledge

The earned incomes of employees include salary, piece rate wage and commission.

application

Explain the different ways that one is paid.

4

knowledge

Money lent to others will be repaid with interest, another kind of income.

application

Explain why banks and other financial institutions pay interest on deposits.

5

knowledge

Renting out your house on will bring you rents.

application

Tell the differences between real estates and the ways that rents can be paid.

6

knowledge

Profits generated by a business is an income for business owners.

application

Profits of a business can be found on the basis of its revenues and costs.

7

knowledge

People who start up a new business, take great risks because they don’t know whether their business will profit at all.

application

Read a children’s book on starting a business to understand this profession, its risks and its expected profits.

8

knowledge

Income can also be gifts from friends and other family members, and allowances that one receives without work.

application

Conduct a survey in your classmates. Make a chart to demonstrate how many of them have received money as a gift and how many as an allowance. Explain why people give others money as a gift.

9

knowledge

Most incomes, including those from work, are taxed. The tax will be only used to pay the products and services provided by the government

application

Describe the government’s products and services funded by tax.