The Primary Purpose of the Troubled Asset Relief Program (TARP)was

question 12

Multiple Choice

The primary purpose of the Troubled Asset Relief Program (TARP) was to __________.

• A)bail out the auto industry
• B)bail out the banking sector
• C)reduce the annual budget deficit
• D)reduce the public/national debt

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Definitions:

Dependent Care Assistance Plans

Benefit plans offered by employers that allow employees to use pre-tax dollars to pay for dependent care expenses.

Married Filing Separately

A filing option for married partners that enables them to report their personal income, deductions, and exemptions separately on individual tax returns.

Modified AGI

Adjusted Gross Income with certain deductions and exclusions added back in, used to determine eligibility for certain tax benefits.

Adjusted Gross Income

An individual's total gross income minus specific deductions allowed by the IRS, used to determine tax liability.