Each year, Miguel Guerra constructs a personal balance sheet to determine his
A) cash surplus.
B) cash deficit.
C) net worth.
D) cash balance.
E) expenses.

Question

Quizplus · Accepted Answer

A personal balance sheet lists a person's assets, liabilities, and net worth. It shows how much a person owns (assets), how much they owe (liabilities), and their overall financial position (net worth). It does not necessarily determine cash surplus/deficit or expenses.

Each Year, Miguel Guerra Constructs a Personal Balance Sheet to Determine