Asked by Daniel Amoako on May 13, 2024
Verified
Which of the following terms is used to describe a person whose liabilities exceed his or her assets?
A) Bankrupt
B) Forfeiture
C) Indebt
D) Renounce
Bankrupt
Describes a legal status of a person or entity that cannot repay the debts it owes to creditors, leading to legal proceedings for debt relief.
Liabilities
Financial obligations or debts that a person or entity legally owes to others.
- Discern the impact of bankruptcy on various types of debtors, including individuals and businesses.
Verified Answer
RS
Ramatu Sidi AliyuMay 19, 2024
Final Answer :
A
Explanation :
Bankrupt is the state of a person who is unable to pay his or her debts without respect to time;a person whose liabilities exceed his or her assets
Learning Objectives
- Discern the impact of bankruptcy on various types of debtors, including individuals and businesses.
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