Definition: An obligation, debt or responsibility owed to someone.

Alright class, settle down now, let’s take a look today, At a word that can be tricky, in quite a special way! We’re talking about ‘liabilities,’ it's true, Let's break it down for me and you. The dictionary gives us this clue: “An obligation, debt or responsibility due.” Think of it like this - a little bit of a loan, Something you must pay back, before you’re fully grown! Like if you borrow a book from your friend, You have a liability , until the story's end. Or maybe a business has bills to pay, That's also a liability, come what may! It could be loans or accounts unpaid, A promise kept, a debt displayed. So remember this simple rhyme, it’s clear and bright: Liabilities mean things you owe, with all your might! Do you have any questions? Don't hesitate to ask, Let's make sure you understand the task!