Asset or Liability Flashcard

Front

Classify a car that is financed through a loan: Liability, Asset

Back

Liability

Front

Classify a house that you own without any mortgage.

Back

Asset

Front

Classify the monthly premiums for life insurance: Liability, Asset

Back

Liability

Front

Classify credit cards that are fully paid off each month: Liability, Asset

Back

Asset

Front

Classify a profitable business that you own: Liability, Asset

Back

Asset

Front

Classify intellectual property that generates regular royalty payments: Liability, Asset

Back

Asset

Front

Classify stocks that have lost value since purchase: Liability, Asset

Back

Asset

Front

Classify government bonds that you own: Liability, Asset

Back

Asset

Front

Classify cash under your mattress: Liability or Asset?

Back

Asset

Front

Classify student loans that are currently being repaid: Liability, Asset

Back

Liability