INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 67

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-A deficit on your income/expense statement will have [an | no] effect on your balance sheet.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Liens

Legal claims or rights against property or assets to secure the payment of a debt or obligation.

Homestead Exemption

A legal provision that protects a portion of a homeowner's value from property taxes or creditors.

Legislative History

A record of the documents, hearings, and discussions involved in the creation and passing of a law or statute.

Financial Discipline

The practice of managing one's personal or organizational finances responsibly, following a plan to achieve specific financial goals.