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Economics Wise Test Latest Version Graded A+
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Economics Wise Test Latest Version Graded A+ What is an exemption in tax terms? A deduction permitted by law that decreases the amount of income subject to taxation. How would you define discretionary income? The portion of income remaining for spending after all necessary expenses have ...

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  • August 1, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
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1 Economics Wise Test Latest Version Graded A+ What is an exemption in tax terms? ✔✔A deduction permitted by law that decreases the amount of income subject to taxation. How would you define discretionary income? ✔✔The portion of income remaining for spending after all necessary expenses have been paid. What is the meaning of opportunity cost? ✔✔The value of the next best alternative that is forgone whe n making a decision. What are the main functions of the U.S. Treasury Department? ✔✔It is responsible for producing currency and collecting federal taxes. What does "pay yourself first" refer to? ✔✔Allocating a portion of your income to savings befor e paying any other expenses. 2 What is a CD in financial terms? ✔✔A certificate of deposit, which is a savings certificate with a fixed maturity date and specified interest rate. What is a credit union? ✔✔A nonprofit financial cooperative where members can borrow from pooled deposits at favorable interest rates. What does the term overdraft mean? ✔✔Withdrawing more money from a bank account than is available in the account. How is the time value of money defined? ✔✔The principle that money available now is more valuable than the same amount in the future due to its potential earning capacity. What is the rule of 72? ✔✔A method to estimate how long it will take for an investment to double in value, calculated by dividing 72 by the annual interest rate.

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