ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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things you own
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money you have in the bank
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money you owe others
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the excuses you have for not meeting your budget
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Detailed explanation-1: -For most households, liabilities will include taxes due, bills that must be paid, rent or mortgage payments, loan interest and principal due, and so on. If you are pre-paid for performing work or a service, the work owed may also be construed as a liability.
Detailed explanation-2: -Liabilities are any debts your company has, whether it’s bank loans, mortgages, unpaid bills, IOUs, or any other sum of money that you owe someone else. If you’ve promised to pay someone a sum of money in the future and haven’t paid them yet, that’s a liability.
Detailed explanation-3: -What Are Liabilities? Broadly speaking, liabilities are things like credit card debts, mortgages and personal loans. A liability is a debt you must pay off, now or in the future.
Detailed explanation-4: -Some examples of current liabilities that appear on the balance sheet include accounts payable, payroll due, payroll taxes, accrued expenses, short-term notes payable, income taxes, interest payable, accrued interest, utilities, rental fees, and other short-term debts.
Detailed explanation-5: -Bank debt. Mortgage debt. Money owed to suppliers (accounts payable) Wages owed. Taxes owed.