QuestionMay 26, 2025

4. TAX LIABILITY Definition: Similar Word: Example: 5. OPEN-ENDED CREDIT Definition: Similar Word: Example: 6. BANKRUPTCY Definition: Similar Word:

4. TAX LIABILITY Definition: Similar Word: Example: 5. OPEN-ENDED CREDIT Definition: Similar Word: Example: 6. BANKRUPTCY Definition: Similar Word:
4. TAX LIABILITY
Definition:
Similar Word:
Example:
5. OPEN-ENDED CREDIT
Definition:
Similar Word:
Example:
6. BANKRUPTCY
Definition:
Similar Word:

Solution
3.5(239 votes)

Answer

1. Define "Tax Liability" ### The total amount of tax owed by an individual or entity to the government. ## Step2: Provide Similar Word for "Tax Liability" ### Tax obligation. ## Step3: Give Example for "Tax Liability" ### An individual calculates their annual income tax and determines they owe 5,000 to the IRS. ## Step4: Define "Open-Ended Credit" ### A credit arrangement where a borrower can use funds up to a certain limit and repay either in full or through minimum payments. ## Step5: Provide Similar Word for "Open-Ended Credit" ### Revolving credit. ## Step6: Give Example for "Open-Ended Credit" ### A credit card account that allows continuous borrowing and repayment within a set credit limit. ## Step7: Define "Bankruptcy" ### A legal process where individuals or businesses unable to meet financial obligations seek relief from some or all debts. ## Step8: Provide Similar Word for "Bankruptcy" ### Insolvency.
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