What you own (Total Assets) What you owe (Total Liabilities) What you have (Net Worth) The items you own, or your assets , are classified regardless of whether they were purchased for cash or financed with debt. A useful way group assets is on the basis of their underlying categories: liquid assets, investments, real property, and personal property. Choose the correct category for each asset in the following table. Liquid Assets Investments Real Property Personal Property The land your home sits on A mutual fund maturing within the year Pension Diamond earrings Cash HU Fence around your property OO Stock O Your Lexus automobile As you gather asset information, it is important to identify and record all assets. Regardless of asset category, all assets listed on the balance sheet should be recorded at