An Assignment

question 4

Multiple Choice

An assignment:

• A) is generally revocable if it is gratuitous and is either oral or written.
• B) for consideration is irrevocable.
• C) becomes valid when the obligor receives notice of the assignment.
• D) must follow formalities.

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Definitions:

Federal Form 1099

A tax form in the United States used to report various types of income other than wages, salaries, and tips.

Balance Sheet

A balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, giving a snapshot of its financial condition.

Fair Market Value

The price at which a property would sell in a competitive and open market, reflecting the value agreed upon by a willing buyer and seller.

Financial Position

An overview of an entity's economic resources, obligations, and net worth at a point in time, typically represented by the balance sheet.