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personal finance ch 2
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personal balance sheet
statement of financial position on given date includes assets, liabilities & net worth
assets
what you own
liabilities
something that is owed or borrowing of money
net worth/equity
measure of level of wealth - assets - liabilities
fair market value
what an asset can be sold for rather than what it cost or what it would be worth in the future
tangible asset
physical asset (car or house)
blue book
lisitng of used car prices, giving average price of particular year and model sells for & what you might receive for it as a trade in
insolvent
condition in which you owe more money that your assets are worth
figuring balance sheet
assets (listed from most liquid to least liquid)
liabilities (current debt and long term debt)
net worth
Author
wsrdpc
ID
111599
Card Set
personal finance ch 2
Description
personal finance ch 2
Updated
2011-10-24T01:18:49Z
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