Chattel is defined as which of the following?

Chattel is defined as which of the following?

• A. An article of movable personal property.
• B. A real estate asset.
• C. A type of intangible asset.
• D. A long-term liability.

Answer: (A)

Chattel describes movable personal property—things you can physically move. It’s the tangible items you own that aren’t attached to land. This contrasts with real estate, which is land and buildings that stay in place, and with intangible assets, which have no physical form (like patents or copyrights). It also isn’t a liability, which would be something you owe. So, the term refers to movable, physical items, such as furniture, vehicles, or livestock, rather than land or non-physical rights.

Chattel describes movable personal property—things you can physically move. It’s the tangible items you own that aren’t attached to land. This contrasts with real estate, which is land and buildings that stay in place, and with intangible assets, which have no physical form (like patents or copyrights). It also isn’t a liability, which would be something you owe. So, the term refers to movable, physical items, such as furniture, vehicles, or livestock, rather than land or non-physical rights.