Question

Brandon owes his brother $120. He has a stamp collection worth $1,250 and he has $300 in a bank account. He also has a skateboard worth $95.

Which are Brandon’s assets?
the stamp collection only
the bank account only
the stamp collection and the bank account only
the stamp collection, the bank account, and the skateboard

Answer 1

The stamp collection, the bank account, and the skateboard — assets are things he owns that have value. The $120 he owes is a liability.