๐ก Income and expenses are key concepts in personal finances.
๐ Grade 7 learners should revise the concepts of income and expenses from the previous lesson.
๐ฐ Personal income refers to the money individuals earn.
๐ฐ An individual's total annual earnings come from different sources of income, such as salary, wages, capital investments, real estate, and dividends.
๐ต Personal expenses are the costs incurred in daily life.
๐ข Real estate can be a source of income by renting out properties.
๐ฐ Household income and expenses are the financial resources and costs associated with daily living.
๐ผ Net worth is an individual's financial value at a specific time, calculated by subtracting liabilities from assets.
๐ Calculating net worth helps determine whether wealth is increasing or decreasing.
๐ฐ Income increases net worth, while expenses decrease net worth.
๐ To calculate net worth, gather all records, list assets, list liabilities, and subtract liabilities from assets.
๐๐ Having more assets than liabilities results in a surplus, while having more liabilities than assets results in a deficit.
๐ Understanding the concept of assets and liabilities is essential for managing personal finances.
๐ฐ Key accounts such as mobile phones and savings accounts are considered assets, while loans and credit cards are liabilities.
๐๏ธ Furniture and other owned possessions are categorized as assets.
๐ผ Step one: Gather all the records.
๐ Step two: Identify and add up all the assets.
๐ฐ Step three: List and add up all the liabilities.
๐งฎ Step four: Calculate the difference between liabilities and assets to determine net worth.
๐ Cyril has a surplus in his household income and expenses.
๐ This video is about household income and expenses in Grade 7 EMS.
๐ฐ The next lesson will focus on income and expenses of a business.
๐ฉโ๐ซ Stay tuned for more!
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