The amount of income a family has left after paying taxes and paying for its necessities is called its ______________ income.

Question

Quizplus · Accepted Answer

Discretionary income is the amount of money a family has left over after paying for necessities such as housing, food, and transportation. It is the money that can be used for non-essential purchases such as entertainment or vacation. Personal income refers to an individual's total earnings before taxes and deductions. Marginal income is the additional earnings made from an extra unit of production, and family income refers to the total combined income of all members. Modified income is not a commonly used term.

The Amount of Income a Family Has Left After Paying