Tangible property (such as automobiles, furniture, and equipment) and intangible property (such as securities, patents, and copyrights) are collectively referred to as __________.
A. real property
B. immovable property
C. personal property
D. fixtures
An: C
The correct answer is C. personal property.
To arrive at this answer, you need to understand the definitions of the terms provided in the question:
Tangible property refers to physical assets that can be seen, touched, and moved, such as automobiles, furniture, and equipment.
Intangible property refers to assets that do not have a physical presence and cannot be felt or touched. Examples include securities (stocks and bonds), patents, and copyrights.
Personal property is a broad term that encompasses both tangible and intangible property. It includes any assets that are subject to ownership and can be moved or transferred.
Therefore, the correct answer is C. personal property, as it includes both tangible and intangible assets.