Net worth is a measure of your what?

What is the formula for Net Worth?

Does having a high income indicate that you have a high net worth?

The purpose of this is to show the financial condition of a person or family on a specified date, made up of assets, liabilities, and net worth.

What is a Statement of Financial Position also sometime called?

What are the 3 main components of a Statement of financial position?

Everything that a person owns that has a monetary value is referred to as this.

This is a debt or obligation owed to others.

Balance on a credit card would be placed in this section of a statement of financial position.

Money in a checking account would be placed in this section of a statement of financial position.

Money in a 401 K or an IRA would be placed in this section of a statement of financial position.

Car loan would be placed in this section of a statement of financial position.

You took out a home mortgage for 15 years and you still owe 30,000 but the bank has told you if you paid if off today you could do it for 24,000 because you would avoid the future interest payments. What amount would you record under the liability s

Where would things such as bills paid on a regular basis such as gas, power, or rent go on your statement of financial position?

How can you increase your Net Worth?

How often should you create a Statement of Financial Position?

What does liquidity refer to?

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