Below you will see a list of items typical to a college senior’s experience. Your job is to work with your
partner(s) to categorize each item into one of the four major categories discussed in Chapter 2: assets,
liabilities, cash flow in, or cash flow out.
Initially, work together to define each of the aforementioned categories. Then, label each item in the
table as one of the four categories. Lastly, without revealing your personal information, consider with
your group what you feel to be an accurate estimated value of each item.
Define the categories of a Personal Financial Statement below.
Asset: ________________________________________________________________________________
Liability: ______________________________________________________________________________
Cash Flow In: __________________________________________________________________________
Cash Flow Out: ________________________________________________________________________
Categorize and estimate the value each item.
Item Category Estimated Value
Medical Bills
Student Loan Payment
Gold Coin Collection
Student Loan Total Amount
Savings Account Balance
Car Payment
Utilities
Checking Account Balance
Christmas Money from Family
Recreation/Entertainment
Credit Card Balance
Value of Car
Salary
Car Maintenance
Insurance Payment
Earned Interest on Savings
Furniture
Food
Trust Fund Balance
Rent
Winning the lottery