The Difference Between a Company's Assets and Its Liabilities, or Net

question 156

Multiple Choice

The difference between a company's assets and its liabilities, or net assets is:

• A) Net income.
• B) Expense.
• C) Equity.
• D) Revenue.
• E) Net loss.

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Definitions:

Economic Responsibility

The obligation of an individual or organization to act in ways that are financially viable and in the best interest of the economic health of society.

Chit Fund

A type of rotating savings and credit association system practiced in India, where a group of people contribute to a common fund and bid to use the accumulated sum.

Corporate Social Responsibility

A business model that involves practices that benefit society and the environment beyond what is legally required.

Legal Guidelines

Standards and rules established by legislation that guide behavior and business practices.