Income

    Income may be national income and personal income. Whereas national income is defined as the total earned income of all the factors of production—namely 1, profits, interest, rent, wages, and other compensation for labor, personal income may be defined as total money income received by individuals before personal taxes are paid. National income does not equal GNP(Gross National Product)because the factors of production do not receive payment for either capital consumption allowances or indirect business taxes, both of which are included in GNP. The money put aside for capital consumption is for replacement and thus is not counted as income 2. Indirect taxes include sales taxes, property taxes, and excise taxes that are paid by businesses directly to the government and so reduce the income left to pay for the factors of production. Three-fourths of national income goes for 3 wages, salaries, and other forms of compensation to employees.

    Whereas national income shows the income that the factors of production earn, personal income measures the income that individuals or households receive. Corporation profits are included in national income because they are earned. Out of these profits, however, corporation profit taxes must be paid to government, and some money must be put into the business for expansion. Only that part of profits distributed as dividends goes to the individual; therefore, out of corporation profits only dividends count as personal income. The factors of production earn money for social security and unemployment insurance contributions, but this money goes to government(which is not a factor of production), not to individuals. It is therefore part of national income but not part of personal income.

    On the other hand, money received by individuals when they collect social security or unemployment compensation is not money earned but money received. Interest received on government bonds 4 is also in this category, because much of the money received from the sale of bonds went to pay for war production and that production no longer furnishes a service to 5 the economy.

    The money people receive as personal income may be either spent or saved. However, not all spending is completely voluntary. A significant portion of our income goes to pay personal taxes. Most workers never receive the money they pay in personal taxes, because it is withheld from their paychecks 6. The money that individuals are left with 7 after they have met their tax obligations is disposable personal income. Disposable income can be divided between personal consumption expenditures and personal savings. It is important to remember that personal saving is what is left after spending.

词汇：

GNP(Gross National Product)国民生产总值 indirect taxes 间接税

sales taxes 销售税 property taxes 财产税 excise taxes 消费税

corporation profit taxes 公司利润税 dividend ["dɪvɪdend]红利;股息;债息

social security (美国的)社会保障制度;社会保险(制度);社会保险金

withhold [wɪð"həʊld] 使停止;阻挡;拒给;隐瞒;克制

disposable [dɪˈspəʊzəbl]可自由使用的;可任意处理的

注释：

1.namely：即；也就是。例如：Only one boy was absent，namely Harry.只有一个男孩缺席，那就是哈里。
2.…thus is not counted as income…：……因此不能算收入……count可作动词和不及物动词。例如：There will be ten guests，not counting the children.孩子不算，将有10个客人。
3.go for…：用于
4.interest received on government bonds…：政府债券所得利息……
5.furnishes a service to…：对……提供服务
6.…because it is withheld from their paychecks.：……因为它从他们的工资卡上被扣除了。
7.The money that individuals are left with…：个人余留下来的钱……

According to this passage,the money you get as interest from governhment bonds is____.

A:the money earned B:the money not earned but received C:the money received for the contribution you have made to the economy D:the money earned for the service you have furnished to the economy

Oseola McCarty

LATE ONE SUNDAY AFTERNOON in September 1999, Oseola McCarty, an elderly cleaning lady passed away in the little wooden frame house where she had lived and worked most of her life.  It may seem like an ordinary end to a humble life,  but there was something quite exceptional about this woman. ¹

In the summer of 1995, McCarty gave $150,000, most of the money she had saved throughout her life, to the UniversityofSouthern Mississippiin her hometown.  The money was tohelp other African Americans through university. She had started her savings habit as a young child when she would return from school to clean and iron for money which she would then save.

    She led a simple, frugal existence, never spending on anything but her most basic needs. ² Her bank also advised her on investing her hard-earned savings.

    When she retired, she decided that she wanted to use the money to give children of limited means the opportunity to go to university. ³ She had wanted to become a nurse, but had to leave school to look after ill relatives and work.  When asked why she had given her life savings away, she replied, "I"m giving it away so that children won"t have to work so hard, like I did.” After news of her donation hit the media, over 600 donations were made to the scholarship fund.  One was given by media executive, Ted Turner, who reputedly gave a billion dollars.

    She didn"t want any fuss made over her gift, but the news got out and she was invited all over theUnited Statesto talk to people. Wherever she went, people would come up to her to say a few words or to just touch her.  She met the ordinary and the famous, President Clinton included.  In the last few years of her life, before she died of cancer, McCarty was given over 300 awards: she was honoured by the United Nations and received the Presidential Citizen"s Medal. Despite having noreal education, she found herself with two honorary doctorates: one from theUniversityofSouthern Mississippiand the other fromHarvardUniversity. Her generosity was clearly an inspiration to many and proof that true selflessness does exist.

词汇:

frugal /"fru:gəl/ adj. 节约的，俭朴的，花钱少 的，物质的，廉价的 fuss /fʌs / n. 慌乱，小题大做，抱怨争吵 V. 忙

donation /dəv’neifə n/ n. 捐赠，捐款，捐赠的 乱，(为小事)烦恼抱怨

注释：

1. It mayseem like an ordinary end to a humble life, but there was something quite exceptionalabout this woman.这位老妇人看似平凡的一生却有着非同寻常的意义。

2.  She led a simple, frugal existence, never spending on anything but her most basic needs.她一生过着简单、节俭的生活，除了生活必需品外她从不在其他事情上花钱。

3. When she retired, she decided that she wanted to use the money to give children of limitedmeans the opportunity" to go to university.当她退休的时候，她决定用钱给那些条件有限的孩子提供上大学的机会。

She managed to save so much money because____.

A:she had ironed and washed clothes all her life B:she had worked hard, sed hard and invested carefully C:she had opened a good bank account D:she knew how to make money

What is the purpose of the contingency money in a cost estimate ？（）

A:Provides money to cover uncertainties in the estimate within the defined scope and schedule B:Money to cover changes in scope C:Money to cover unforeseen natural disasters D:A and C

People use money to buy food, books, bicycles and hundreds of other things they need. When they work, they usually get paid in money.
Most of the money used today is made of metal or paper. But in ancient times people used to use all kinds of things as money. One of the first kinds of money was shells.
In China, cloth and knives were used as money. Elephant tusks, monkey tails and salt were used in some parts of Africa. Rice was also a kind of money used by the ancient people in some islands. Cows and other animals were used as money, too.
The first copper coins were made in China. They were round and had a square hole in the centre. Different counties had used different metals for their money. Later some countries began to make Coins of gold and silver. But gold and silver were heavy to carry when people need a lot of coins to buy something expensive. The Chinese were the first to use paper money. The first paper money looked more like a note from one paper to another than the paper money used today.

A:Paper Can Be Used as Money B:Africa Money Forms C:The History of Money D:Money in Ancient Times

People use money to buy food, books, bicycles and hundreds of other things they need. When they work, they usually get paid in money.
Most of the money used today is made of metal or paper. But in ancient times people used to use all kinds of things as money. One of the first kinds of money was shells.
In China, cloth and knives were used as money. Elephant tusks, monkey tails and salt were used in some parts of Africa. Rice was also a kind of money used by the ancient people in some islands. Cows and other animals were used as money, too.
The first copper coins were made in China. They were round and had a square hole in the centre. Different counties had used different metals for their money. Later some countries began to make Coins of gold and silver. But gold and silver were heavy to carry when people need a lot of coins to buy something expensive. The Chinese were the first to use paper money. The first paper money looked more like a note from one paper to another than the paper money used today.
The best tittle for this passage is

A:Paper Can Be Used as Money B:Africa Money Forms C:The History of Money D:Money in Ancient Times

第二篇 Saving Money Where you save your money often depends on what you are saving for If you are saving to buy a CD(光盘)or to go to a concert, then probably you would keep your money somewhere in your room? If you are saving for a big purchase like a mountain bike or a school trip，where would you save your money? One place to save money is the bank Putting your money in a savings account will help your money early more money If you put your money in a piggy bank(猪形储蓄罐)，one year later you’11 still have the same amount of money you put in．If you put your money in a savings account，one year later, you’ll have more money than you put in Why? When you keep your money in a bank，your money earns interest．Interest is the amount of money a bank pays you to use your money．The bank uses your money (and the money of other people，too)to loan money to people and businesses． The bank will send you a statement several times a year A bank statement tells you how much money you have in your account，It also tells you how much interest you have earned．If you leave your money in the bank，you Can watch it grow! Another way you can save money is to buy a certificate of deposit or CD．If you have some money that you don’t need to use for a long time，this is a good way to make your money grow． You Can buy a cd at a bank．You agree not to use the money for a certain period of time That period might be from six months to five years．You Can’t touch your money during that time If you do，you must pay a penalty，or fee A bank pays you interest for

A:wasting your money． B:losing your money． C:using your money． D:decreasing your money

Saving Money
Where you save your money often depends on what you are saving for. If you are saving to buy a CD(光盘)or to go to a concert，then probably you would keep your money somewhere in your room.
If you ale saving for a big purchase like a mountain bike or a school trip，where would you save your money
One place to save money is the bank Putting your money in a savings account will help your money earn more money If you put your money in a piggy bank(猪形储蓄罐)，one year later you’ll still have the same amount of money you put in. If you put your money in a savings account，one year later,you’ll have more money than you put in Why
When you keep your money in a bank. your money earns interest. Interest is an amount of money a bank pays you to use your money The bank uses your money(and the money of other people，too)to loan money to people and businesses
The bank will send you a statement several times a year. A bank statement tells you how much money you have in your account It also tells you how much interest you have earned If you leave your money in the bank，you can watch it grow! Another way you can save money is to buy a certificate of deposit or CD. If you have some money that you don’t need to use for a long time，this is a good way to make your money grow. You Can buy a CD. at a bank You agree not to use the money for a certain period of time That period might be from six months to five years. You can’t touch your money during that time If you do，you must pay a penalty，or fee
A bank pays you interest for

A:wasting your money B:losing your money. C:using your money. D:decreasing your money

　第二篇 　Saving Money 　　Where you save your money often depends on what you are saving for．If you are saving to buy a CD(光盘)or to go to a concert，then probably you would keep your money somewhere in your room． 　　If you ale saving for a big purchase like a mountain bike or a school trip，where would you save your money? 　　One place to save money is the bank Putting your money in a savings account will help your money earn more money If you put your money in a piggy bank(猪形储蓄罐)，one year later you’11 still have the same amount of money you put in．If you put your money in a savings account，one year later,you’ll have more money than you put in Why? 　　When you keep your money in a bank．your money earns interest. Interest is an amount of money a bank pays you to use your money The bank uses your money(and the money of other people，too)to loan money to people and businesses 　　The bank will send you a statement several times a year．A bank statement tells you how much money you have in your account It also tells you how much interest you have earned If you leave your money in the bank，you can watch it grow! Another way you can save money is to buy a certificate of deposit or CD．If you have some money that you don’t need to use for a long time，this is a good way to make your money grow．You Can buy a CD at a bank You agree not to use the money for a certain period of time That period might be from six months to five years．You can’t touch your money during that time If you do，you must pay a penalty，or fee A bank pays you interest for

A:wasting your money B:losing your money． C:using your money． D:decreasing your money