What is a net worth statement?(1 point) Responses It is a listing of an individual’s net income minus their expenses, calculated on a monthly basis. It is a listing of an individual’s net income minus their expenses, calculated on a monthly basis. It is a listing of what an individual owns minus what they owe. It is a listing of what an individual owns minus what they owe. It is a spending plan based on income and expenses. It is a spending plan based on income and expenses. It is an invoice.
It is a listing of what an individual owns minus what they owe.
Which of the following may fall under the category of collateral?(1 point) Responses a previous loan that was repaid in full a previous loan that was repaid in full an antique vase valued at $125,000 an antique vase valued at $125,000 a credit card balance of $12,000 a credit card balance of $12,000 a high salary
an antique vase valued at $125,000
Which of the following is not one of the Three Cs?(1 point) Responses collateral collateral capacity capacity capital capital character
collateral
A net worth statement is a listing of what an individual owns minus what they owe.
A net worth statement is a financial document that provides a comprehensive summary of an individual's financial position. It is a listing of what an individual owns minus what they owe.
To create a net worth statement, you will need to gather information about your assets (such as cash, investments, real estate, vehicles, etc.) and liabilities (such as mortgages, loans, credit card debt, etc.).
First, list all your assets and assign them an estimated value. This can include bank accounts, investments, properties, vehicles, and any other valuable possessions.
Next, list all your liabilities, which are your debts or obligations. This can include mortgage loans, student loans, credit card debt, and any other outstanding loans or bills.
Finally, subtract your total liabilities from your total assets to calculate your net worth. This figure represents the value of your assets minus your debts.
A net worth statement is a useful tool for tracking your financial progress and evaluating your overall financial health. It can help you understand your current financial position, identify areas for improvement, and set goals for the future.