Answer:
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
