U2- Managing Money L3 Fin. Pos.

Question 1

items of monetary value a person or househhold owns

Answer 1

asset

Question 2

money spent

Answer 2

expense

Question 3

money received

Answer 3

income

Question 4

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

Answer 4

investment asset

Question 5

debt or obligation owed to others

Answer 5

liability

Question 6

amount you could realistically sell an asset for today

Answer 6

market value

Question 7

assets that can be quickly and easily converted into cash

Answer 7

monetary asset

Question 8

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

Answer 8

net worth

Question 9

financial statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities and net worth

Answer 9

Statement of Financial Position

Question 10

personal property that was purchased to create a lifestyle or improve your life

Answer 10

tangible asset

Question 11

measurement of how much a person or household owns once all debts have been paid

Answer 11

wealth