Debt is defined as money that is:

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Study for the GMAS 8th Grade Social Studies Test. Prepare with flashcards and multiple-choice questions, each question offers hints and explanations. Get ready for your exam!

Multiple Choice

Debt is defined as money that is:

Explanation:
Debt means money borrowed that must be repaid. When you borrow, you receive money now but owe the lender the amount back, usually with interest. This is different from money earned (income from work), saved money (put aside for later), or profit (money left after costs). So describing debt as money borrowed that must be repaid best captures what debt is.

Debt means money borrowed that must be repaid. When you borrow, you receive money now but owe the lender the amount back, usually with interest. This is different from money earned (income from work), saved money (put aside for later), or profit (money left after costs). So describing debt as money borrowed that must be repaid best captures what debt is.

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