### Break Down the Problem
1. Identify the key term in the context of a firm's financial obligations.
2. Analyze the options provided to determine which term correctly describes the debt owed by a firm.

### Relevant Concepts
1. **Asset**: Resources owned by a firm.
2. **Revenue**: Income generated from normal business operations.
3. **Liability**: Financial obligations or debts owed to others.
4. **Expense**: Costs incurred in the process of earning revenue.

### Analysis and Detail
1. An asset is something the firm owns, which does not represent a debt.
2. Revenue refers to the income collected from selling products or services, not a debt.
3. A liability represents obligations, including debts or loans, which aligns with the given question.
4. Expense denotes the costs incurred to generate revenue and does not imply debt.

### Verify and Summarize
After reviewing the definitions and meanings of each term, it is evident that the correct term for debt owed by a firm is **liability**.

### Final Answer
The debt a firm owes to others is called a **liability**.

Question

### Break Down the Problem
1. Identify the key term in the context of a firm's financial obligations.
2. Analyze the options provided to determine which term correctly describes the debt owed by a firm.

### Relevant Concepts
1. **Asset**: Resources owned by a firm.
2. **Revenue**: Income generated from normal business operations.
3. **Liability**: Financial obligations or debts owed to others.
4. **Expense**: Costs incurred in the process of earning revenue.

### Analysis and Detail
1. An asset is something the firm owns, which does not represent a debt.
2. Revenue refers to the income collected from selling products or services, not a debt.
3. A liability represents obligations, including debts or loans, which aligns with the given question.
4. Expense denotes the costs incurred to generate revenue and does not imply debt.

### Verify and Summarize
After reviewing the definitions and meanings of each term, it is evident that the correct term for debt owed by a firm is **liability**.

### Final Answer
The debt a firm owes to others is called a **liability**.

Knowee AI · Accepted Answer

### Break Down the Problem
1. Identify the key term in the context of a firm's financial obligations.
2. Analyze the options provided to determine which term correctly describes the debt owed by a firm.

### Relevant Concepts
1. **Asset**: Resources owned by a firm.
2. **Revenue**: Income generated from normal business operations.
3. **Liability**: Financial obligations or debts owed to others.
4. **Expense**: Costs incurred in the process of earning revenue.

### Analysis and Detail
1. An asset is something the firm owns, which does not represent a debt.
2. Revenue refers to the income collected from selling products or services, not a debt.
3. A liability represents obligations, including debts or loans, which aligns with the given question.
4. Expense denotes the costs incurred to generate revenue and does not imply debt.

### Verify and Summarize
After reviewing the definitions and meanings of each term, it is evident that the correct term for debt owed by a firm is **liability**.

### Final Answer
The debt a firm owes to others is called a **liability**.

The debt a firm owes to others is called a(n) Blank______.Multiple choice question.assetrevenueliabilityexpense

Question

The debt a firm owes to others is called a(n) `______`.

Solution