What is the difference between 'owe' and 'own'?

[Zulu]

Business English Lesson, Advanced Level

ESL/EFL Test #54 "Taxes", question 2

I had a letter from the office of the Collector of Taxes telling me that I had to pay back all the money I ......... over the last 3 years.

(a) due
(b) indebted
(c) owed
(d) owned

Business English Lesson, Advanced Level

ESL/EFL Test #54 "Taxes", answer 2

I had a letter from the office of the Collector of Taxes telling me that I had to pay back all the money I owed over the last 3 years.

Correct answer: (c) owed

Your answer was: incorrect
I had a letter from the office of the Collector of Taxes telling me that I had to pay back all the money I owned over the last 3 years.
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what s the differnce between to owe and to owne.

Zulu

[Yankee]

.
Have you checked your dictionary for the definitions of owe and own?

If you owe someone money, you must give the money (back) to that person.
owe

If you own a car, the car is yours to keep.
own
.