What Would Happen to Your Net Worth If You Sold

question 38

Multiple Choice

What would happen to your net worth if you sold a tangible asset you owned for $1,000 and used the money to pay off your credit card balance for $1,000?

• A)Since your liabilities decreased,your net worth would increase by $1,000.
• B)Since your assets decreased,your net worth would decrease by $1,000.
• C)Your net worth would increase by $500.
• D)Your net worth would remain the same.

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Definitions:

Personal Ethical Standards

Individual beliefs and principles regarding what is right and wrong, guiding personal behavior and decision-making.

Justice View

A perspective on ethics that emphasizes fairness and the equitable distribution of benefits and burdens among individuals and groups.

Ethical Behaviour

Conduct that is consistent with principles of moral and ethical values, such as honesty, integrity, fairness, and respect for others.

Impartially

Acting with fairness and neutrality, without bias, prejudice, or favoritism.