1.Liquidity refers to the speed with which the asset can be converted into cash. True or false

2.Long-term liabilities are obligations that will extend beyond one year or the normal operating cycle, whichever is longer. True or false

3.A mortgage is a written agreement specifying that if the borrower does not repay a debt, the lender has the right to take over the property to satisfy the debt. True or false

4.Working Capital is calculated by subtracting current liabilities from current assets. True or false

5.The quick ratio is determined by dividing current liabilities into quick assets. True or false