A balance sheet always balances; that is, assets always equal liabilities plus 1 point equity O True O False Your net worth is your income after taxes and expenses. 1 point True False A summary of income and expenses over a period of time is called 1 point a, a balance sheet O b. an income statement. O c. net worth O d. a cash flow statement. A balance sheet is a list of 1 point a. assets. O b. debts or liabilities. C. equity or net worth O All the above