Which of the Following Is an Asset of a Family

question 130

Multiple Choice

Which of the following is an asset of a family?

• A)Student loan
• B)Mortgage
• C)Unpaid credit card balance
• D)Checking account balance

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Definitions:

Nonnegotiable Instrument

A financial document or contract that cannot be transferred or assigned to another party as easily as a negotiable instrument.

Mortgage

A secured loan agreement where the borrower pledges real property to the lender as collateral for the loan, which becomes void upon payment in full.

Negotiability

The characteristic of an instrument (like a check or promissory note) that allows it to be transferred from one person to another in a manner that conveys the instrument's benefits to the transferee.

Issuance

The process of officially issuing something, such as a document like a permit or license, or securities like bonds or stocks.