Describe the three sections included in a personal balance sheet
What will be an ideal response?
Answer: A personal balance sheet consists of three parts: assets, liabilities, and net worth. Assets include the value of monetary assets, investments, retirement plans, housing, automobiles, personal property, and other assets. Liabilities consist of current bills, credit card debt, home mortgages, and other long term debts such as automobile loans. Your net worth, determined by subtracting liabilities from assets, is the part of your assets that are free and clear of debt.
You might also like to view...
The biggest difference between service retailers and merchandise retailers is their profits.
Answer the following statement true (T) or false (F)
Copper Company engaged in the following transactions during April Performed services for cash $215,000 Performed services on credit 168,000 Purchased office supplies on account 56,000 Paid salaries in cash 29,000 Collected on account 42,000 Paid on account 38,000 What is the amount of cash still to be paid?
A) $18,000 B) $47,000 C) $94,000 D) $52,000
Improving Presentation Visuals Northeastern University has developed a presentation to introduce professors to classroom use of podcasting. One of the slides conveys the advantages of podcasting. The content of that slide is as follows: Podcasting: The
Advantages for Students in Higher Education Podcasting is revolutionizing higher education in many ways. Makes "anyplace, anytime" learning a reality. gives students portability in their busy lives Convenience of accessing resources on a mobile device Students can learn at own pace in their own time at their own convenience learning through listening Accommodates rich content It's a useful learning tool Required: Explain what needs to be done to make the slide content effective. Revise the content of the slide based on effective guidelines for designing presentation visuals.
Which of the following is true of the process of eminent domain?
A) It does not allow the property owner to make a case for keeping the property. B) It requires payment of compensation by the government. C) It does not apply to state and local governments. D) It allows the government to set up zoning areas.