How is net worth calculated. Give the formula. $($LO$1)$

How are cash value life insurance policies valued on the balance sheet? What about term insurance? Which is better for most investors? Why? $($LO $3)$

How are retirement plans such as $401($k$),$ IRA, or $403($b$)$ valued for the personal balance sheet? Hint: What dollar value do we use? Or how is the dollar value determined? $($LO $3)$

What is the best method for compensating your financial planner? $($LO$4)$

What is a defined benefit retirement plan and is it generally considered superior to a $401($k$),$ IRA, $403($b$)$ etc.? $($LO$3)$

What advice should one seek before purchasing cash value life insurance, and from whom? Hint: The answer is not an insurance sales person or agent. $($LO $3)$

What are the major parts of the personal balance sheet? $($LO $1)$

What time period does a personal balance sheet cover? $($LO $1)$

Define liquid asset. $($LO $1)$

Distinguish between recurring and unexpected expenses. $($LO $2)$