| A | B |
|---|
| Asset | Items of monetary value a person or household owns |
| Expense | Money spent |
| Income | Money received |
| Investment asset | Financial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the future |
| Liability | A debt or obligation owed to others |
| Market value | The amount you could realistically sell an asset for today |
| Monetary asset | Assets that can be quickly and easily converted into cash |
| Net worth | A measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to others |
| Statement of Financial Position | A financial statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities, and net worth |
| Tangible asset | Personal property that was purchased to create a lifestyle or improve your life |
| Wealth | A measurement of how much a person or household owns once all debts have been paid |
