Download Finances - Wakefield FFA

It’s all about the Benjamins baby.
 Something tangible that
you own
 Ass (both your booty
and the kind that is
livestock)
 An asset that is has a
shelf life of less than one
year or is quickly
converted to cash
 Greenhouse supplies
 Milk
 Cash
 Checks
 Life insurance
 An asset that has a shelf
life of more than one year
or takes time to turn into
cash
 This usually loses value




after a year (depreciates)
Land
Mobile Home
Tractor
Goat
 Debt, something you
owe
 Cell phone bills
 Drug dealers
 Bullies
 You owe the debt this
financial year
 January through
December’s cell phone
bill
 This year’s mortgage
 This year’s bills
 Debts that you owe after
this year
 Mortgage (30 year
mortgage, you got to pay
that forever)
 Car loan
 Engagement ring
 Total assets minus total
liabilities
 How much you are really
worth
 Determines if you can
get a loan, buy a car, buy
a house, how much
financial aid you get
 Same thing as net worth
 Fancy way of saying how
much “real” cheddar you
got!
 How much do you owe
versus how much do you
have
 This is really what loan
officers will look at
 Also, if you are trying to
rent an apartment they
will look at how much
money you make versus
how much you spend
 What you got!
 A list of all of the items
that you own
 Shops will close for
inventory
 Stores will have
“inventory reduction”
sales to get rid of some
of their stock
 Losing value
 Anything with a shelf
life of more than one
year ( anon current
asset) will depreciate
 The moment you drive a
new car off of the lot, it
depreciates
 Once something
becomes an antique or
something like land will
not depreciate
 If I have $20 in cash and
a $50 check from
grandma, how much do I
have in non current
assets?
 If I have $50 in my
savings bank, a $100 life
insurance policy, and I
owe $50 to the mob, what
is my net worth?