Net Worth Is

question 64

Multiple Choice

Net worth is:

• A) the sum of liquid assets and current liabilities.
• B) the sum of gross income and payroll taxes.
• C) the sum of net income and deductions for payroll taxes.
• D) the difference between total assets and total liabilities.
• E) the difference between income and expenses.

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Definitions:

Contributory Negligence

A legal doctrine where a party's own negligence contributes to their harm or loss, potentially limiting or barring their recovery in a lawsuit.

Professional Defense

Legal and strategic protection for professionals against claims arising from their professional actions or conduct.

In Pari Delicto

is a legal doctrine that prevents a plaintiff who has participated in wrongdoing from recovering damages for loss resulting from the wrongdoing.

Good-Faith Exception

A legal doctrine allowing evidence collected in violation of privacy rights to be admitted in court if it was obtained by officers who reasonably believed their actions were legal.