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Describe the structure of the Federal Reserve System and its relationship to the federal government.
Sale On Account
A transaction where goods are sold and payment is to be made at a later date.
Equity
The value of an owner's interest in a company, calculated as the difference between the company's assets and liabilities.
Assets
Economic resources owned or controlled by a business or individual that are expected to bring future benefits.
Liabilities
Financial obligations or debts a company owes to others that must be paid in the future.
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