Which term describes anything that can be owned or disposed of for a price?

Prepare for the Funeral Service Education (FSE) National Board Exam with comprehensive resources. Access multiple choice questions, flashcards, and detailed explanations to boost your confidence and improve your knowledge. Ace the exam seamlessly!

The term that best describes anything that can be owned or disposed of for a price is "property." This includes both tangible and intangible items that a person or entity has legal ownership of, which can be transferred or sold. In the context of funeral service and other financial discussions, property encompasses real estate, personal items, or other forms of assets that hold value and can be exchanged for monetary gain.

While "asset" is closely related and often used interchangeably in financial contexts, it specifically refers to items that are economically valuable and beneficial in terms of financial accounting. On the other hand, "goods" typically refer to tangible products that can be sold or traded, but do not encompass intangible items such as intellectual property or stocks. "Liability" represents obligations or debts owed by an individual or organization, which is the opposite of ownership or possession. Hence, "property" is the most encompassing term for items that one can own or dispose of for a price.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy