A Long-Term Liability Is ________

question 64

Multiple Choice

A long-term liability is ________.

• A) the process of distributing the cost of an asset over its useful life
• B) the amount paid for an existing business above the value of its other assets
• C) a debt that must be paid within the year
• D) a debt that is not due for at least one year

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Definitions:

Scarce Resources

Scarce resources are resources that are limited in availability and cannot satisfy all the wants and needs of an economy or population.

Allocate

To distribute resources or duties for a specific purpose according to a plan.

Irrational Behavior

Irrational behavior describes actions or decisions that are not in line with logical or rational thinking, often defying expected outcomes based on standard economic theories.

Diamond

A precious gemstone formed under high temperature and pressure conditions, often used in jewelry and industrial applications, not primarily an economic term unless discussing market dynamics.