The Group of American Consumers Born Between 1979 and 1994

question 34

Multiple Choice

The group of American consumers born between 1979 and 1994 is often called ________.

• A) the baby bust
• B) the leading edge
• C) Generation Y
• D) tweens
• E) Generation X

Understand how to calculate the child tax credit including factors influencing the credit amount.

Determine qualifying expenses for education tax credits and understand different education credits available.

Calculate the retirement savings contributions credit based on modified AGI and contributions.

Comprehend the special rules that apply to the adoption credit, particularly for children who are citizens of other countries.

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Definitions:

Specialization

The process of focusing resources on the production of one or a few goods and services to increase efficiency.

Exchange

The process of exchanging one item for another, particularly one of similar type or value.

Production Possibilities

The various combinations of goods and services that can be produced within an economy given the available resources and technology.

United States

The United States is a country located in North America, characterized by a federal republic governance structure and a highly developed mixed economy.