Items That You Own with a Monetary Worth Are Referred

question 74

Multiple Choice

Items that you own with a monetary worth are referred to as:

• A) liabilities.
• B) variable expenses.
• C) net worth.
• D) income.
• E) assets.

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Definitions:

Exempt Items

Goods or services that are not subject to tax under specific tax laws or regulations.

Gross Income

The total income from all sources before any deductions or taxes are taken out.

Accounts Receivable

Money owed to a business by its clients or customers for goods or services delivered but not yet paid for.

Inventory

Inventory encompasses the goods and materials a business holds for the purpose of resale or production.