You Are Considering Buying a Business That Has Assets of $148,000

question 90

Multiple Choice

You are considering buying a business that has assets of $148,000. Owner's equity is shown as $45,000. What is the amount of liabilities in that business?

• A) $103,000
• B) $93,000
• C) $112,000
• D) $108,000

---

Definitions:

Specialized Federal Court

A court within the federal system that has jurisdiction over specific types of cases, often related to a particular area of federal law.

Tax Court

A specialized court of law that deals with disputes and issues related to federal tax.

Minimum Contacts

A legal standard determining whether it is appropriate for a court to exercise jurisdiction over an out-of-state defendant based on the defendant's connections with the forum state.

Personal Jurisdiction

The legal authority a court has over the persons involved in a lawsuit, based on their connection to the location where the court is situated.