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Figure 17.2
Using the figure above, identify the labeled structure(s) in each of the following questions.
-Identify the structure(s) indicated by Label Y.
Gross Income
The total revenue generated from a business's activities or an individual's earnings before any deductions are made for expenses, taxes, or other reductions.
Discretionary Income
Discretionary income is the amount of an individual's income left for spending, investing, or saving after taxes and personal necessities (like food, shelter) are taken care of.
Necessities
Essential items and services required for basic human survival and well-being, such as food, water, shelter, and healthcare.
Federal Income Taxes
Taxes imposed by the government on the income of individuals, corporations, and other entities.
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