Jasmine Smith Owns a Condo Worth $240,000,a Car Valued at $25,000,and

question 71

Multiple Choice

Jasmine Smith owns a condo worth $240,000,a car valued at $25,000,and miscellaneous assets worth $7,500.She owes $185,000 on the condo and $15,000 on the car and has no other debts.Her retirement account,in which she is fully vested,contains $27,500 in mutual funds.She was just insured with a $500,000 term life insurance policy.What are her total liabilities?

• A)$200,000
• B)$300,000
• C)$100,000
• D)$592,500
• E)$600,000

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Definitions:

Social Acceptance

A situation in which other people have come to like you, respect you, approve of you, and include you in their groups and relationships.

Animals

Animals are multicellular, eukaryotic organisms in the kingdom Animalia that possess biological processes such as metabolism and the ability to respond to their environment.

Humans

The species Homo sapiens, distinguished by the ability to think, utilize language, and create complex societies.

Social Acceptance

The act of being recognized and accepted by others within a social context or group, often conforming to their norms and expectations.