Fool with no work accepting reduction in revenue, perhaps at first (10)

'fool' is the definition.
(I've seen this in another clue)

'no work accepting reduction in revenue perhaps at first' is the wordplay.
'no work' becomes 'noop' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'accepting' means one lot of letters goes inside another (inserted letters are accepted).
'reduction in' means to remove the last letter (the number of letters in the word is reduced).
'revenue' becomes 'income' (both can mean money made).
'at first' says to take the initial letters.
The first letter of 'perhaps' is 'p'.
'income' with its final letter taken away is 'incom'.
'incom'+'p'='incomp'
'noop' placed around 'incomp' is 'NINCOMPOOP'.

'with' is the link.

Can you help me to learn more?