A personal balance sheet summarizes
A) income and expenses.
B) cash inflows and outflows.
C) assets, net worth, and income.
D) assets, liabilities, and net worth.

Question

Quizplus · Accepted Answer

A personal balance sheet summarizes an individual's assets, liabilities, and net worth, providing a snapshot of their financial position at a specific point in time. Income and expenses, as well as cash inflows and outflows, are typically part of a cash flow statement or budget, not a balance sheet.

A Personal Balance Sheet Summarizes