Rent for the month $ 1,650
Monthly take-home salary $ 3,185
Spending for food $ 845
Cash in checking account $ 650
Savings account balance $ 2,090
Balance of educational loan $ 3,360
Current value of automobile $ 9,300
Telephone bill paid for month $ 165
Credit card balance $ 335
Loan payment $ 280
Auto insurance $ 430
Household possessions $ 5,400
Video equipment $ 2,850
for electricity $ 190
Lunches/parking at work $ 280
Donations $ 360

Calculate the total assets and total liabilities

Personal assets are basically the valuable things that a person possesses. They include both physical assets (e.g. car) or financial assets (e.g. checking account).

TOTAL ASSETS

Checking account $650  

Savings account $2,090  

Automobile $9,300

Household possessions $5,400  

Video equipment $2,850  

Total $20,290

Personal liabilities are all the loans (e.g. student loans), debts, unpaid service, or unpaid taxes that a person might have.

TOTAL LIABILITIES

Educational loan $3,360  

Credit card $335  

Total $3,695

This person's net worth = assets - liabilities = $20,290 - $3,695 = $16,595

answer decisions made by individual households and firms;