Use the Following Information to Answer Questions

question 115

Multiple Choice

Use the following information to answer questions.
-The total obligations that have resulted from past transactions are

• A) $ 20,000.
• B) $ 40,000.
• C) $ 96,000.
• D) $170,000.

---

Definitions:

Financial Obligations

Debts, liabilities, or commitments that an entity is required to pay or fulfill in the future.

Inheritance

Assets received from someone who has passed away, often as specified in their will or through the law of intestacy.

Creditor

An individual or institution that lends money or extends credit to another entity.

Settle

Completing a financial transaction by exchanging the payment of instruments between parties involved.