Assets and Liabilities Answer Key

Asset or Liability?
  1. A house     (L)
  2. Real estate   (A)   
  3. An Office Building    (A)    
  4. Intellectual Property   (A)    
  5. Education      (L)
  6. Cash     (A)    
  7. Promissory Notes     (A)   
  8. Vehicles     (L)
  9. A Yacht       (L)
  10. Stocks     (A)    
  11. Bonds     (A)    
  12. Salary Paycheck     Neither
  13. Jewelry    (A)    
  14. Art Collections      can be either  (A)  &  (L)
  15. Company inventory        (A)    
  16. Office furniture      (L)    
  17. Certificates of deposit (CDs)    (A)    
  18. Money in a Savings Account     (A)    
  19. Pets        (L)
  20. Heirlooms      (A)    
  21. Children          (L)
  22. Electronics        (L)
Liquid or Illiquid:
  1. House         (I)  
  2. Real estate          (I)  
  3. Promissory Notes          (I)  
  4. Bonds            (I)  
  5. Stocks           (I)  
  6. Salary        (L)      
  7. Net Worth            (I)  
  8. Intellectual property          (I)  
  9. Businesses        (L)    (I)  can be both
  10. Trusts       (L)    (I)  can be both
  11. Vehicles             (I)  
  12. CDs           (I)  
  13. Family Heirlooms          (I)  
  14. Jewelry          (I)  
  15. Art Collection          (I)  
  16. Company Inventory          (I)  
  17. Office Furniture           (I)  
  18. Money in a Savings Account        (L)   
  19. Electronics           (I)  

If you need to improve your savvy, pick up a copy of Rich Dad, Poor Dad by Robert T. Kiyosaki – it’s a quick and fun read while you are learning!