A five-year non-redeemable GIC is classified as a(n) _______________ asset on the personal balance sheet.

Question

Quizplus · Accepted Answer

A five-year non-redeemable GIC (Guaranteed Investment Certificate) is an investment asset, as it represents a sum of money that has been invested for a certain period of time in order to earn a return. It is not considered a liquid asset, as it cannot be easily converted into cash before its maturity date, nor is it a personal or business asset, as it does not represent property, vehicles, or other physical assets. Additionally, it may not be a marketable asset, as it may not be traded on a secondary market. Therefore, the best classification for a five-year non-redeemable GIC on a personal balance sheet would be an investment asset.

A Five-Year Non-Redeemable GIC Is Classified as A(n) _______________ Asset