Briefly explain whether you agree or disagree with the following statement: " are things of value that people own. liabilities are debts. therefore, a bank will always consider a checking account deposit to be an asset and a car loan to be a liability."
a. disagree. checking accounts represent something that the bank owes to the owner of the account. it is a bank liability.
b. disagree. both checking accounts and car loans represent bank liabilities.
c. agree. loans are debts and therefore bank liabilities.
d. agree. checking accounts are something of value that is in the bank. therefore, they are a bank asset.
a consumer uses goods and services to satisfy his needs and wants everyone has their own sets of needs and wants and when you consume those needs and wants, you are a consumer. the opposite is a producer which is a person that produces the consumer's needs and wants.
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a corporation is legally separate from its owner, and it pays its own taxes.