What is a net worth statement?
It is a spending plan based on income and expenses.
It is a listing of what an individual owns minus what they owe.
It is a listing of an individual’s net income minus their expenses, calculated on a monthly basis.
It is an invoice.
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A net worth statement is a listing of what an individual owns minus what they owe. It helps to determine an individual's overall financial position by detailing their assets (such as cash, investments, property, and possessions) and liabilities (such as debts, loans, and mortgages). By subtracting total liabilities from total assets, one can calculate their net worth. This statement provides a clear picture of an individual's financial standing and can be used for personal financial planning or when applying for loans or mortgages.
are you sure
Yes, I am sure. A net worth statement is indeed a document that provides an overview of an individual's financial situation by summarizing their assets and liabilities. It calculates the net worth by subtracting the liabilities from the assets. This statement is used to assess one's financial position, track progress, set goals, and plan for the future.
1 answer