Preparing a personal balance or statement of financial position helps get a handle on your financial well-being. A balance sheet has three parts that, when taken together, summarize your financial picture. Complete the following balance sheet equation by selecting the correct term for each piece of the formula. The items you Own, Or your , are classified regardless Of whether they were purchased for cash Or financed with debt. A useful way to group assets is on the basis of their underlying categories: liquid assets, investments, real property, and personal property.

Choose the correct category for each asset:

a. Money market fund
b. Rental property in Playa Negra, Costa Rica
c. The brick patio in your backyard
d. pearl necklace
e. 401(k)
f. Fur coat
g. Money stuffed in a mattress
h. Your house

1. Liquid Assets
2. Investments
3. Real property
4. Personal property