In this paper we consider the difference equation $$x_{n+1}=frac{a+bx_{n-k};-;cx_{n-m}}{1+g(x_{n-l})}$$ where a, b, c are nonegative real numbers, k, l, m are nonnegative integers and g(x) is a nonegative real function. The oscillatory and periodic character, the boundedness and the stability of positive solutions of the equation is investigated. The existence and nonexistence of two-period positive solutions are investigated in details. In the last section of the paper we consider a generalization of the equation.