The correct term for debt and obligations of a business is liabilities.
Liabilities represent the financial obligations a business incurs during its operations. These can include loans, accounts payable, mortgages, and any other debts that need to be settled in the future. In the context of accounting, liabilities are an essential part of the balance sheet, showing what the company owes at a given point in time.
On the other hand, assets are resources owned by the business that have economic value. Equity refers to the ownership interest in the business after liabilities have been subtracted from assets. Lastly, expenses are the costs incurred in the process of earning revenue, but they do not directly denote debt or obligations.