Question

Which of the following BEST DESCRIBES liability?

O The responsibility to sell or buy products and services
O The responsibility to pay debts
O The responsibility to run a business
O The responsibility to collect profits
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Answer 1

The responsibility to pay debts BEST DESCRIBES liability.

Liability refers to the legal obligation to pay for damages or losses that a person or organization is responsible for. In the context of business, it often refers to financial obligations such as debts or lawsuits. In other words, it's the responsibility to make good on a debt or pay for damages caused. This can include the responsibility to pay for damages caused by products, services, or actions of the business.