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Unsecured Liability
A financial obligation that does not have collateral backing, meaning creditors may not have claims on the borrower's assets if the debt is not repaid.
Salaried Employees
Workers who are paid a fixed regular amount, typically monthly or biweekly, regardless of hours worked, as opposed to being paid hourly.
Liquidation
The process of winding up a company's operations, selling off its assets, and distributing the proceeds to creditors and shareholders.
Stockholders' Equity
Represents the owners' residual interest in a corporation's assets after deducting its liabilities, often referred to as shareholders' equity or owners' equity.
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