If You Want to Calculate Your ______, You Need to Add

question 4

Multiple Choice

If you want to calculate your ______, you need to add up the value of everything you own, and subtract the amount of money you owe.

• A) income
• B) wealth
• C) social class
• D) retirement

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Definitions:

Discounted Note

A promissory note whose face value has been reduced to reflect the effect of interest that it will earn.

GAAP

Generally Accepted Accounting Principles, which are a set of accounting standards and practices used to prepare financial statements.

Financial Instruments

Contracts that give rise to both a financial asset of one entity and a financial liability or equity instrument of another entity.