CLASS EXERCISE 5.1. IDENTIFYING FINANCIAL TERMS Identify each of the following as an asset, a liability, a revenue, an expense, or a net asset (unrestricted, temporarily restricted, or permanently restricted): 1. The land on which the nonprofit is located and which it owns 2. Salaries owed to employees 3. A $100,000 grant to be paid next year for a specific purpose by a foundation 4. Government bonds owned by the nonprofit 5. Prepaid insurance expenses 6. A fifteen-year mortgage on the organization's building 7. Salaries paid to employees 8. Supplies in the closet 9. A bill from Staples 10. Money owed to the nonprofit but not yet paid