1. What are the two types of personal financial statements? What is a budget, and how does it differ from personal financial statements? What role do these reports play in a financial plan? 2....

1. What are the two types of personal financial statements? What is a budget, and how does it differ from personal financial statements? What role do these reports play in a financial plan?

2. Describe the balance sheet, its components, and how you would use it in personal financial planning. Differentiate between investments and real and personal property.