When Creating a Personal Balance Sheet,which of the Following Is

question 53

Multiple Choice

When creating a personal balance sheet,which of the following is a current liability?

• A) Checking account
• B) Net worth
• C) Student loan
• D) Money your sister owes you in two years
• E) Charge account balance

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Definitions:

Tax Rate

The percentage at which an individual or corporation is taxed.

Constructive Receipt

The tax principle that income is taxed when it is actually or constructively received, not necessarily when it is earned.

Control

The ability or authority to guide or manage operations, decisions, and policies of a business or project.

Income

Earnings received by an individual or entity, including wages, salaries, investments, and other forms of compensation, which are subject to tax.