Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal finance on the left with the descriptions of the terms on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term These are not necessarily complete definitions, but there is only one possible answer for each term Term Answer Gross income Active income Portfolio income Description A. This term includes income from self-employment. B. This term refers to passive Income offset. C. This term essentially includes all income subject to federal tax D. This item is taxed at different rates depending on the holding period. E. This term includes income from tax shelters. F. This term includes expenses that can only offset portfolio Income. Passive income Investment expenses Real estate or limited partnership expenses Capital gains Sale of a home G. This is used to determine tax liability H. This term refers to earnings and capital gains generated from investment holdings 1. Using taxable income, it is based on tax tables or tax rate schedules 3. To qualify for exclusion during this transaction, you must have owned and occupied for two of the five prior years. Taxable income Tax liability Grade Now Save & Continue Continue without saving