ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When you owe more money than you have you are in ____
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debt
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budget
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Debtor. You are a debtor if you owe money to someone. If a court judgment is awarded against you, you are now a judgment debtor.
Detailed explanation-2: -The majority of creditors will sell your debt to a collection agency.” Under federal law, a credit can send your account to a collection agency after it’s 31 days past due.
Detailed explanation-3: -In particular, three types of debt can be used to help you reach your financial goals: liquid asset secured financing, home debt and estate planning debt. Leverage is the use of borrowed money to invest.
Detailed explanation-4: -Debt is the money you owe, while credit is money you can borrow. You create debt by using credit to borrow money.
There is 1 question to complete.