Debt

Which of the following statements is true about Debt? 

• Debt is the amount of money you have in your checking account.
• Debt is the amount of money you have borrowed from a person or a business.
• Debt is the ability to borrow money.
• Debt is the amount of money you have in a savings account. 

True or False: When you owe someone money, you have a liability?

• True 
• False

True or False: A liability is the state of being responsible for something, and this term can refer to any money or service owed to another party. 

• True
• False

What are some of the most common forms of debt?

• Mortgages
• Auto loans
• Credit card debt
• All of these options are correct

Is there such a thing as 'Good Debt' and 'Bad Debt'?

• Yes
• No
• Maybe
• I don't know

What is secured debt?

• A debt that has a liability attached to it.
• A debt that has an asset attached to it.
• A debt that will not change.
• A debt that you can trust.

A home loan is an example of...

• Secured debt
• Unsecured debt
• Neither
• Both

Student loan debt is an example of...

• Secured debt
• Unsecured debt
• Neither
• Both

An auto loan is an example of a...

• Secured debt
• Unsecured debt
• Neither
• Both

A payday loan is an example of a...

• Secured debt
• Unsecured debt
• Neither
• Both