Which of the Following Would NOT Be Considered One of a Family's

question 6

Multiple Choice

Which of the following would NOT be considered one of a family's liabilities,used in calculating wealth?

• A) The mortgage on their primary residence.
• B) The balance on their car loan.
• C) The balance on their credit cards.
• D) Their student loans.
• E) The value of their recreational vehicle.

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Definitions:

Liabilities

Financial obligations or debts that a company owes to outside parties, which must be paid back in the future.

Liabilities

Financial obligations or debts that an entity owes to others, which need to be settled over time via the transfer of economic benefits.

Creditors

Individuals or entities that a company owes money to for goods or services that have been delivered but not yet paid for.

Debtors

Individuals or companies that owe money to another party, often referred to in the context of accounts receivable.