Week 3 P4 Assets and Liabilities

Debts and financial obligations (owe).

• Liabilities

• Assets

• Negative Net Worth

• Property

Property owned by an individual

• Liability

• Asset

• Property

• Net Worth

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

Examples of assets include:

• Real Property, Car, and credit cards

• Car, Jewelry, and Checking account

• Art collection, Jewelry, and unpaid taxes

• Real Property, Car loan, Jewelry

Which of the following is considered an asset?

• Bank Loan
• Mortgage
• Debit Card
• Savings account