Which of the following would be classified as a long-term liability?
A)Credit card debt
B)Bank card debt
C)Education loan balance
D)All of these

Question

Quizplus · Accepted Answer

Credit card debt and bank card debt are typically considered short-term liabilities as they are expected to be paid off within a year. Education loan balance, on the other hand, is a long-term liability as it can take several years or even decades to fully pay off.

Which of the Following Would Be Classified as a Long-Term