Please Define the Following Key Terms

question 18

Short Answer

Please define the following key terms.
-November 11, 1918

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Definitions:

Asset

Anything of value owned by a person or company that can be used or sold to pay debts or generate income.

Debt

Money owed by one party to another under an agreement to repay borrowed funds or provided goods/services.

Profit

Profit represents the financial gains obtained when the revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain those activities.

Breach Contract

A failure to perform any term of a contract, written or oral, without a legitimate legal excuse, which allows the other party to seek compensation.