What Is Meant by Reaffirming a Debt

question 19

Multiple Choice

What is meant by reaffirming a debt?

• A) Securing a debt with the help of a collateral
• B) Taking a loan for repaying the debt
• C) Extending the time period allowed for repaying the debt
• D) Voluntarily repaying a debt even after it has been discharged

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Definitions:

Socioeconomic Index

A composite measure that typically combines data on income, education, and occupation to characterize or rank individuals or groups' economic and social position.

Occupational Prestige

The perceived status or respect associated with various professions by society, often influenced by factors like education, income, and perceived impact.

Income

The financial gain obtained from work, investments, business, or other sources, typically measured over a certain period.

Single Generation

A reference to individuals born and living in the same time period, sharing similar age-related cultural experiences and characteristics.