CH-1.1 Assets & Liabilities

Front

Property owned by an individual

Back

Asset

Front

The value of all assets minus the value of all liabilities.

Back

Net Worth

Front

Debts and financial obligations (responsibilities).

Back

Liabilities

Front

Examples of Liabilities include which of the following: Loans, credit cards, and real property, Loans, mortgage, and credit cards, Loans, Art collection, and savings account, Mortgage, credit card, and real property

Back

Loans, mortgage, and credit cards

Front

Positive Net Worth is defined as:

Back

assets are greater than liabilities

Front

Negative Net Worth is defined as:

Back

Assets are less that liabilities

Front

Examples of assets include: Car, Jewelry, and Checking account

Back

Car, Jewelry, and Checking account

Front

Zero net worth is defined as:

Back

Assets are equal to liabilities

Front

Net Worth if equal to:

Back

Assets minus liabilities

Front

Which of the following is considered an asset? Bank Loan, Mortgage, Debit Card, Savings account

Back

Savings account