Which of the Following Is an Example of Personal Property

question 57

Multiple Choice

Which of the following is an example of personal property?

• A) An acre of land
• B) The minerals under an acre of land
• C) The air above an acre of land
• D) An iPhone

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Definitions:

Total Assets

The combined value of all assets, including cash, inventory, property, and equipment, owned by a person or business.

Stockholders' Equity

The portion of a company's assets that belongs to its shareholders, represented by capital stock and retained earnings.

Corporate Form

A business structure where the company operates as a separate legal entity from its owners, providing limited liability protection but facing double taxation.

Charter

A document that is issued by the state to set forth important terms and features regarding the creation of a corporation.