“both the vested and unvested portions of an employer pension ”

问题如下：

Johnson attended a wealth lecture where the presenter mentioned an economic balance sheet compared with a traditional balance sheet. Johnson did not recognize the presenter's comments in this regard, and the presenter's comments were as follows:

• Real estate can be described as a personal asset, an investment asset, and a mixed asset
• Financial capital consists of tangible and intangible assets, both the vested and unvested portions of an employer pension plan.
• Individuals with established income records in the middle of their career typically have a higher value of human capital relative to overall economic wealth that individuals in the early stages of their career.

Which of the presenter's comments ranking economic and traditional balance sheets is most accurate?

选项：

A.

The comment about human capital

B.

The comment about financial capital

C.

The comment about real estate

解释：

C is correct. Personal assets are consumed, while investment assets are held to increase value and provide funding for future consumption. Some assets, such as real estate, can be described as "mixed assets" because they can be used as both personal assets (shelter) and investment assets (providing funds for retirement).

B is incorrect. Financial capital includes the tangible and intangible assets (outside of human capital) owned by an individual or household. Financial capital would include the vested portion but not the unvested portion of an employer pension plan.

A is incorrect. The economic wealth of an individual will undergo changes throughout their lifetime, and the underlying assets that make up these assets will also undergo changes. The total economic wealth of young people is usually dominated by their human capital value, as they do not have much time to save and accumulate financial wealth. As individuals age, they may save some of their income and accumulate financial capital.

C是正确的。个人资产被消费，而投资资产被持有是为了增加价值和为未来消费提供资金。一些资产，如房地产，可以被描述为“混合资产”，因为它们既可以作为个人资产（住房），也可以作为投资资产（为退休提供资金）。

B不正确。金融资本包括个人或家庭拥有的有形和无形资产（人力资本以外）。金融资本将包括雇主养老金计划的既得部分，但不包括未得部分。

A不正确。个人的经济财富在其一生中都会发生变化，构成这些财富的基础资产（underlying assets）也会发生变化。年轻人的总经济财富通常由其人力资本价值主导，因为年轻人没有那么多时间储蓄和积累金融财富。随着个人年龄的增长，他们可能会把部分收入存起来，并积累金融资本。