SETTLING NORTH AMERICA 1497 1732
THE 13 COLONIES LIFE IN EARLY AMERICA
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
someone who is owned
|
|
|
a gift
|
|
|
something you owe to someone else
|
|
|
None of the above
|
Detailed explanation-1: -Debt comes from the Latin word debitum, which means “thing owed.” Often, a debt is money that you must repay someone. Debt can also mean the state of owing something-if you borrow twenty dollars from your brother, you are in debt to him until you pay him back.
Detailed explanation-2: -Debt is anything owed by one person to another. Debt can involve real property, money, services, or other consideration.
Detailed explanation-3: -If you owe money to someone, they have lent it to you and you have not yet paid it back. You can also say that the money is owing.
Detailed explanation-4: -Money that you owe is called a debt.
Detailed explanation-5: -“Debt is a financial liability or obligation owed by one person, the debtor, to another, the creditor.”1 In other words, debt is when someone borrows money (a debtor) and is responsible for paying back the person or company who loaned them that money (the creditor or lender).