The money a person earns from a wage or salary is referred to as __________, while the assets owned by an individual are called __________.

The correct answer, which identifies the money a person earns from a wage or salary as income and the assets owned by an individual as wealth, aligns well with basic economic and sociological terminology.

Income represents the flow of money received over a specific period, typically from employment, business activities, or investments. It is an essential concept in understanding an individual's economic status since it reflects the ongoing ability to generate financial resources. In contrast, wealth refers to the total value of an individual's assets at a given point in time, including properties, investments, and savings. Wealth provides insight into financial stability and security over the long term, as it encompasses what a person has accumulated rather than what they earn periodically.

This differentiation between income and wealth is fundamental in sociology as it influences social stratification, access to resources, and overall quality of life. Understanding this distinction helps in analyzing how socioeconomic factors affect individuals and communities in terms of opportunities and life outcomes.