What One Owns Minus What One Owes Is ________

question 5

Multiple Choice

What one owns minus what one owes is ________.

• A) assets
• B) liabilities
• C) gross worth
• D) net worth
• E) credit card balance

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Definitions:

Savings Bond Interest

The interest earned from holding U.S. savings bonds, which may be tax-exempt for educational purposes under certain conditions.

Modified AGI

Modified Adjusted Gross Income (Modified AGI) is a measure used by the IRS to determine eligibility for certain deductions and credits, adjusted from AGI for specific items like IRA contributions and student loan interest.

Married Filing Jointly

A filing status for married couples that allows them to file a single tax return jointly, potentially leading to tax benefits.

Other Income

Earnings or receipts from sources other than a taxpayer's primary occupation, including but not limited to interest, dividends, and rental income.