| A | B |
|---|
| 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 |
| Asset | Everything a person owns with monetary value |
| Monetary Assets | Can be quickly and easily converted into cash |
| Tangible Assets | Personal property that was purchased to create a lifestyle or improve your life (also known as use or lifestyle assets |
| Market Value | What you could realistically sell that asset for today, not what you originally paid |
| Investment Assets | 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 |
| Liabilities | A debt or obligation owed to others |
| Net Worth | Assets – Liabilities |
