In 2012, ____________ Was the Most Significant Liability of U

question 11

Multiple Choice

In 2012, ____________ was the most significant liability of U.S.households in terms of total value.

• A)credit cards
• B)mortgages
• C)bank loans
• D)student loans
• E)other debt

---

Definitions:

Expense Payable

Obligations or liabilities to pay for goods or services received but not yet paid for.

Accounting Equation

The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Owner's Equity, representing a company's financial position.

Assets

Resources owned by a business or individual that are expected to provide future economic benefits.

Liabilities

Liabilities are financial obligations or debts that an entity owes to external parties, expected to be settled over time through the transfer of economic benefits.