PromptExplain how you have varying degrees of control over the three types of income, and how much control you have over each.

Accepted Solution

Answer:ExplainedStep-by-step explanation:Basically there are three type of income1)Earned income.2) portfolio income.3) Passive income. 1. The income earned shall be revenue earned after you have worked hard. Wage is an income earned. You are no longer gained income if you stop working. The longer you spend, the more revenues you earn (overtime pay). 2.Capital gains are best known as portfolio revenue. You gain this when you sell an asset at a price higher than when you purchased it. Portfolio profit is the difference from the sales price and value. Your portfolio can include shares, property and other resources (antiquities, automobiles).3.Passive earnings are earned without your effort. You buy or buy existing assets for this income. Leasing is a case in point. Rental income is type of one passive income.