Answer :
The amount you would have left if all assets were sold and all debts were paid in full is referred to as your net assets.
Let me explain step-by-step:
1. Assets: These are items of value that you own. This could include things like your home, car, investments, savings, etc.
2. Debts: These are obligations or liabilities that you owe to others. This could include things like loans, mortgages, credit card balances, etc.
3. Net Assets: This is the value remaining after subtracting all debts from the total value of your assets. It essentially represents the amount you would retain if you sold all your assets and paid off all your debts.
Given these definitions:
- Budgeted expenses are planned expenditures for future periods, not relevant in this context.
- Total income is the sum of all earnings, before subtracting any expenses or debts, hence also not relevant here.
Therefore, the correct answer is:
Net assets.
Let me explain step-by-step:
1. Assets: These are items of value that you own. This could include things like your home, car, investments, savings, etc.
2. Debts: These are obligations or liabilities that you owe to others. This could include things like loans, mortgages, credit card balances, etc.
3. Net Assets: This is the value remaining after subtracting all debts from the total value of your assets. It essentially represents the amount you would retain if you sold all your assets and paid off all your debts.
Given these definitions:
- Budgeted expenses are planned expenditures for future periods, not relevant in this context.
- Total income is the sum of all earnings, before subtracting any expenses or debts, hence also not relevant here.
Therefore, the correct answer is:
Net assets.
