1. What is the balance sheet equation? Explain when a family may be viewed as technically insolvent. 2. Explain two ways in which net worth could increase (or decrease) from one period to the next. 3....

1. What is the balance sheet equation? Explain when a family may be viewed as technically insolvent.

2. Explain two ways in which net worth could increase (or decrease) from one period to the next.

3. What is an income and expense statement? What role does it serve in personal financial planning?