If Your _____,Your Net Worth on the Balance Sheet Would

question 80

Multiple Choice

If your _____,your net worth on the balance sheet would have increased from one period to the next.

• A) liabilities increased and assets remained constant
• B) liabilities increased and assets decreased
• C) assets increased and liabilities remain constant or decreased
• D) income decreased
• E) none of these

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Definitions:

Tort

An act of wrongdoing that results in damage or injury to a plaintiff, thus creating a legal responsibility for the individual responsible for committing the act.

Court

A judicial institution with the authority to hear and resolve disputes, apply the law, and administer justice.

Contributory Negligence

A legal doctrine where if the plaintiff in a negligence case is found to be partly at fault, they may receive reduced or no damages.

Comparative Negligence

A legal doctrine that reduces the amount of damages a plaintiff can recover in a negligence-based claim, based upon the degree to which the plaintiff's own negligence contributed to the cause of their injury.