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Keep track of your income and expenses for one month. List all your assets and liabilities (debts owed) in a spreadsheet. Based on these documents, develop a monthly budget and a net worth statement.
Answer: Asset could be what you need for your business such as Land, equipment, ect... A liability is something that a person or company owes, such as money. Sometimes that money can be exchanged for good and/or property. I am doing this same assignment and you don't have a business so this is all imaginary
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