When a Debtor No Longer Has an Obligation to Pay

question 26

Multiple Choice

When a debtor no longer has an obligation to pay a debt,that debt has been

• A)terminated.
• B)revoked.
• C)completed.
• D)discharged.

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Definitions:

16th Century

The period extending from January 1, 1501, through December 31, 1600, marked by significant events such as the Protestant Reformation and the age of exploration.

GNP

Gross National Product; the total value of goods produced and services provided by a country during one year, plus the net income from foreign investments.

GDP

Gross Domestic Product, which is the total value of all goods and services produced within a country's borders in a specific time period.

Households

Economic units consisting of all persons who occupy a dwelling, which make decisions on consumption, savings, and investments.