Look at the items you possess. These might include a house or a flat or a car, but equally well they could be a bicycle and some modest items of furniture. Whatever their nature, write down on a piece of paper a figure in £s which answers the question:

What is the value of these possessions? Now think about how you arrived at that figure. Did you use the original cost because that was the amount you paid to acquire them? Did you use replacement cost because that is the amount you would have to pay to replace them? Did you use selling price because that is the amount you could collect in cash for conversion to other uses? Did you have some other method? What was the reason for the method you chose? Would you obtain the same answer using all the methods listed for this activity? Which answer is the most relevant for your information needs? Would other students answer these questions as you have done?