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PF 2.03

QuestionAnswer
Asset Items of monetary value a person or household
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 owned to others
Market Value The amount you could realistically sell an asset for today
Monetary Asset Asset 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
Created by: abigail.xiong59
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