Question $1.$ A balance sheet can be described in a concrete thinking way and in an abstract thinking way as follows. $($This question is worth $1$ point$)$

Concrete Thinking. Balance Sheet: Assets $=$ Liabilities $$ Shareholder Equity

Abstract Thinking. Balance Sheet: What we Own $=$ What we Owe $$ Who Owns Us

Question $1$ True$/$False

Question $2.$ The framework below can be seen as a first principles way, i$.$e$.,$ foundational way, of looking at any business because all businesses need to create things, need to sell the things they create, and need to finance the creating and selling of things, as well as finance company growth. $($Whis question is worth $1$ point$)$

Question $2$ True$/$False