Chapter 9 Terms Flashcards
(6 cards)
1
Q
What is adjusted gross income?
A
Gross income (all income from whatever sources) minus adjustments to income.
2
Q
What is the Affordable Care Act (ACA or PPACA)?
A
A federal law that mandates increased preventive, educational, and community-based health care services, and that established the Health Insurance Marketplace to make health coverage available to any uninsured individuals.
3
Q
What is an estate?
A
A person’s net worth.
4
Q
What is overinsurance?
A
Insurance that exceeds in amount the actual value of the person or property insured or insurance in a greater amount than the insured can afford.
5
Q
What does tax deductible mean?
A
A qualified expense that may reduce the amount of income subject to taxation.
6
Q
What does taxable mean?
A
Subject to taxation.
