The three parts of an individual's balance sheet are his or her:
A) income, liabilities, and net worth.
B) assets, expenditures, and net worth.
C) assets, liabilities, and expenses.
D) assets, liabilities, and net worth.
E) income, liabilities, and assets.

Question

Quizplus · Accepted Answer

The three parts of an individual's balance sheet are assets, liabilities, and net worth. Assets are what the individual owns, liabilities are what the individual owes, and net worth is the difference between assets and liabilities. Income, expenditures, and expenses are not part of the balance sheet.

The Three Parts of an Individual's Balance Sheet Are His