Questions: Salon Ownership Which of the following terms refers to all money owed? - net worth - financial status - liabilities - assets Net worth is calculated by subtracting liabilities from which of the following? - charge accounts - loan balances - assets - student loans

Salon Ownership Which of the following terms refers to all money owed? - net worth - financial status - liabilities - assets Net worth is calculated by subtracting liabilities from which of the following? - charge accounts - loan balances - assets - student loans
Transcript text: Salon Ownership Which of the following terms refers to all money owed? - net worth - financial status - liabilities - assets Net worth is calculated by subtracting liabilities from which of the following? - charge accounts - loan balances - assets - student loans
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Solution

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Answer

The answer is liabilities.

Explanation
Option 1: Net worth

Net worth refers to the value of all assets minus the value of all liabilities. It does not specifically refer to money owed.

Option 2: Financial status

Financial status is a general term that describes the overall financial condition of an individual or entity. It does not specifically refer to money owed.

Option 3: Liabilities

Liabilities refer to all money owed by an individual or entity. This includes debts, loans, and other financial obligations.

Option 4: Assets

Assets refer to anything of value owned by an individual or entity. This does not specifically refer to money owed.

Answer

The answer is assets.

Explanation
Option 1: Charge accounts

Charge accounts are a type of credit account that allows the holder to make purchases and pay for them later. They are not used to calculate net worth.

Option 2: Loan balances

Loan balances refer to the amount of money still owed on loans. They are considered liabilities and are subtracted from assets to calculate net worth.

Option 3: Assets

Assets are everything of value owned by an individual or entity. Net worth is calculated by subtracting liabilities from assets.

Option 4: Student loans

Student loans are a type of liability. They are subtracted from assets to calculate net worth.

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