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Assets and Liabilities. Assets- Items you own that have a value Liabilities- Debts you owe Net worth- Value of assets minus liabilities Checking Account.

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Presentation on theme: "Assets and Liabilities. Assets- Items you own that have a value Liabilities- Debts you owe Net worth- Value of assets minus liabilities Checking Account."— Presentation transcript:

1 Assets and Liabilities

2 Assets- Items you own that have a value Liabilities- Debts you owe Net worth- Value of assets minus liabilities Checking Account Savings Account Cash Car Home (equity) Land Loan payoffs Credit Card debt Borrowed money

3 ItemValue ($) cash236.50 Car loan4125.00 Credit card debt288.00 Jewelry (owned)1500.00 Savings2910.00 Ex1) List assets and total value. Cash Jewelry Savings 236.50 1500.00 2910.00 4646.50 Total Assets Ex2) List liabilities and total debt. Car loan Credit card debt 4125.00 288.00 4413.00 Total Liabilities Ex3) Figure the net worth. 4646.50- 4413.00 =233.50 Since this a positive value, you own more than you owe A negative value, you owe more than you own

4 Essential Question Explain the difference between and asset and a liability.

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