Multiple Choice QuestionOn the balance sheet, credit card bills, medical bills, car loans, and mortgages are all examples of Blank______.Multiple choice question.liabilitiesassetsequitiesobligationsrequirements
Question
Multiple Choice QuestionOn the balance sheet, credit card bills, medical bills, car loans, and mortgages are all examples of Blank______.Multiple choice question.liabilitiesassetsequitiesobligationsrequirements
Solution
The correct answer is "liabilities". These are all examples of money that you owe, which is what a liability is. Assets, on the other hand, are things that you own. Equities refer to ownership interest in a company. Obligations and requirements are more general terms that could refer to anything you are obligated or required to do, not just pay money.
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