The 4 categories of assets are

• long term

  current

• liquid

  cash

  credit

  retirment

• budgeted amounts

  actual amounts

• liquid

  personal possessions

  investments

  real estate

An example of a liquid asset is

• Old Navy credit card balance

• Chase savings account

• 401K retirement plan

• Market value of property

An example of an investment asset?

• Old Navy Credit Card balance

• Chase Savings account

• 401 k retirement plan

• Market value of property

An example of a personal possession asset is

• Chase Saving Account

• Market value of property

• 401k retirement plan

• Marvel comic book collection

An example of a real estate asset is

• Chase Saving Account

• Marvel comic book collection

• Market value of property

• 401k retirement plan

What are liabilities?

• debts

• assets

• net worth

• cash inflow

What are the 2 types of liabilities?

• current

  long term

• short term

  intermediate

• personal possessions

  real estate

• net worth

  savings

An example of a current liability is

• dividends

• mortgage loan

• car loan

• credit card balance

An example of a long term liability is

• mortgage loan

• dividends

• medical bill

• credit card balance

Total assets - Total liabilities = ?

• Assets

• Total investment

• Variance

• Net Worth