PBM: Assets vs. Liabilities
Flashcard
•
Business
•
7th Grade
•
Practice Problem
•
Hard
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40 questions
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1.
FLASHCARD QUESTION
Front
What is something that represents a financial benefit you possess?
Back
asset
2.
FLASHCARD QUESTION
Front
What are obligations you must pay?
Back
liabilities
3.
FLASHCARD QUESTION
Front
Daniel has some MONEY IN A SAVINGS ACCOUNT. What does this represent for him?
Back
asset
4.
FLASHCARD QUESTION
Front
Jackson is considering his financial situation and is listing down his assets and liabilities. He has a car loan. How should he categorize the car loan?
Back
liability
5.
FLASHCARD QUESTION
Front
Isla bought a new DIRT BIKE for her weekend adventures. How should this purchase be classified in her personal finances?
Back
asset
6.
FLASHCARD QUESTION
Front
Aria is renting an apartment. How should the rent be classified in her financial statements?
Back
liability
7.
FLASHCARD QUESTION
Front
Aiden received his monthly CREDIT CARD BILL
Back
liability
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