Financial Literacy: Banking, Credit, and Budgeting Practice Test

Assets are things of value you own or control that can be turned into cash or used to generate future benefits. This includes cash, bank accounts, stocks, real estate, vehicles, and other resources with economic value. Liabilities are what you owe, like loans and credit card balances. Net worth is assets minus liabilities, showing your overall financial position. The Schumer Box is just a disclosure format for credit terms, not a description of ownership value. So, the term that best describes things of value you own is assets.