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Yes; your statement is correct.
A false statement.
The statement is false.
It is false because if it is the absolute value of a negative number, the answer would be higher than the original number. |-9|=9
If your bank account is overdrawn by 5 units then your statement will show the balance as -5. So the negative number, -5, is represented as a debt of 5 units of currency (an absolute number).