so called a net worth statement reports 18) A personal balance sheet, which is also called a ne A) Family financial goals B) Amounts budgeted for spending. C) Earnings on savings and investments D) Items owned and amounts owed. E) Income and expenses for a period of time. 19) 19) Items with monetary value are referred to as A) Income B) Assets C) Variable expenses. D) Liabilities. E) Net worth 20) - of the following is a current liability? 20) When creating a personal balance sheet, which of the following is a cu A) Auto loan B) Checking account C) Mortgage D) Medical bill E) Educational loan 21) 21) When creating a personal balance sheet, or statement of networth, which of the following is an investment asset? A) Retirement account B) Personal possessions in your home C) Life insurance D) Checking account E) Vacation property 22 22) The equation to calculate net worth is A) Cash inflows - Cash outflows = Net worth. B) Cash inflows - Liabilities Net worth. C) Cash inflows + Liabilities = Net worth. D) Assets - Liabilities - Net worth. E) Assets - Cash outflows - Net worth. 23) Which of the following will increase the net worth of a household? A) Invest in possessions whose values do not increase B) Decrease spending by $5 per day C) Increase spending by $5 per day D) Decrease saving by $50 per month E) Increase the amount borrowed for major purchases