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The U.S. is now using International Financial Reporting Standards instead of the old GAAP system.
Social Class
A division of society based on social and economic status.
Income Level
The amount of money earned by an individual or household, which can affect access to resources, social status, and lifestyle.
Birth Cohort
Everyone born in one year.
Generation
Everyone born in a somewhat arbitrarily defined 20- to 30-year period.
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Q166: Even liabilities of unknown amounts are required