ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Paying back more than you borrowed
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When you owe someone something, such as money.
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When someone has something you want
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Interest, paid back on a loan
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Detailed explanation-1: -Debt can be simply understood as the amount owed by the borrower to the lender. A debt is the sum of money that is borrowed for a certain period of time and is to be return along with the interest.
Detailed explanation-2: -A debt is an amount of money that you owe someone.
Detailed explanation-3: -Debt. Money you owe another person or a business.
Detailed explanation-4: -Key Takeaways. Short-term debt, also called current liabilities, is a firm’s financial obligations that are expected to be paid off within a year. Common types of short-term debt include short-term bank loans, accounts payable, wages, lease payments, and income taxes payable.
Detailed explanation-5: -The Bottom Line Different types of debt include secured and unsecured debt or revolving and installment. Debt categories can also include mortgages, credit card lines of credit, student loans, auto loans, and personal loans.