Instructions: Identify the Following Terms

question 41

Short Answer

Instructions: Identify the following terms.
Saba

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Definitions:

Annuity Contract

A financial product sold by insurance companies that provides regular payments to the holder for a fixed period or for life in exchange for an initial payment.

Expected Return

The anticipated amount of profit or loss an investment is likely to generate over a specific period.

AGI

Adjusted Gross Income (AGI) is an individual's total gross income minus specific deductions. It is an important figure for calculating taxable income on the federal income tax return.

Deductible IRA Contribution

A Deductible IRA Contribution refers to the funds an individual can contribute to a traditional IRA account which can then be deducted from their taxable income for that year, subject to certain IRS guidelines and income limits.