几个wealth及worth的考法问题

NO.PZ202301041000002301 问题如下 Conner McClellans a private client financiconsultant with US-baseEonstone WealthManagement LLMcClellanhbeen engageBraey anReagGrahtovelop a personwealth management plan. Prior to meeting with McClellanthe Grahams filleout a personprofile questionnaire thwill useinveloping their wealth management plan. Using information from thequestionnaire, McClellanprepares Exhibit 1.Exhibit 1GrahFamily: PersonanFinanciInformation Occupations anFamily StructureBraey is a 50-year-ollectricengineer a major utility company. His annuincome of $175,000 is projecteto increase 3% per year. He ha finecontribution pension planexpects to retire age 65.Reagis a 48-pharmacist with a pharmaceuticcompany. Her annuincome of $132,000 is projecteto increase 3% per year. She ha finepension planexpects to retire age 65. Prior to joining the pharmaceuticcompany, Reagha 20-yecareer in the US Navy, retiring the rank of commanr.The family htwo chilen, ages 10 an8.FinanciInformationAspirationanOther GoalsCost of four years of university for the two chilen, with estimatepresent value of $350,000Purchase of a vacation home in the next five years, with estimatepresent value of $325,000nations to charitable organizations ring the next 15 years, with estimatepresent value of $400,000their initialmeeting, Braey tells McClellanthhe recently attena financialplanning seminconctehis employer’s humresources partment. One ofthe presenters scussethe importanof preparing anunrstanng thecomponents of economic balansheet comparewith a trationbalancesheet. Braey wconfusea few of the presenter’s comments anasksMcClellanfor further clarification. The presenter’s comments were follows:Reestate cscribea personasset, investment asset, ana mixeasset.Financicapitconsists of tangible anintangible assets, inclung both the vesteanunvesteportions of employer pension plan.The value of humcapitrelative to overall economic wealth is typically higher for inviin micareer with establisheearnings recorthfor inviin theearly stages of his career.McClellaneviews insurancoverage with the Grahams, he explains ththere are variousways to manage risk. “It pen on the frequenof a risk occurring antheseverity of the potentiloss. For example, consir the following two risks:earthquake: This risk selm occurs but woulresult in a large financiloss;ntcavities: This risk arises frequently, resulting in small financilosses.”McClellanetermines thboth Braey’s anReagan’s life insurancoverage isinaquate. Braey is particularly concerneabout the inaquaof his lifeinsurananasks McClellanto calculate how muaitioninsuranheshoulpurchase to cover him until he retires in exactly 15 years anbegins toreceive his employer pension. McClellanprefers to use the humlife valuemethoto termine the appropriate level of life insurancoverage.Exhibit 2 contains aitionpersonanfinanciinformation aboutBraey.Exhibit 2Braey Graham: AitionPersonanFinanciInformationThe Grahamsmention tha primary concern is the ability to manage the risks to both theirfinancianhumcapitso ththey cachieve their financigoals ofmaintaining a comfortable lifestyle while having sufficient assets to purchasea vacation home, pfor their chilen’s university ecation, anfunharitable nations.Braey mentionsthhe anReaghave some concern about possibly outliving their assets anhhe unrstan annuities chelp proteagainst this risk. He is interesten annuity thwill provi income for long one of them is alive. TheGrahams have average risk tolerananexpethey will able to austtheir spenng in retirement if necessary. Using the ta in Exhibit 1, the Grahams’ net wealth (in thousan) is closest to: A.$2,174. B.$2,414. C.$2,795. The Grahams’ netwealth is their totassets less their totliabilities ($7,512 –$5,098 = $2,414), calculatein the following economic balansheet.A is incorrect. Humancapitwnot incluin assets anlifetime consumption wnot incluinliabilities: [(7,512 – 3,940) – (5,098 – 3,700)] = 3,572 – 1,398 = 2,174.C is incorrect.The ath benefit rather ththe cash value of life insuranwincluinthe calculation of assets: (7,512 + 250 + 250 – 119) – 5,098 =7,893 – 5,098 = 2,795. wealth不含Humcapital和无形资产financiwealth，不含有直接控制的非公开的businessinvestable wealth，可供投资的，不含支票账户worthnet worthinvestable net worth以上怎么与wealth的区分？记了很容易弄混，怎么更清晰区分，已经混乱了比如此题，基础讲义上对wealth的定义是不含Humcapital和无形资产，但该题又将未来收入现值加进去考虑了

NO.PZ202301041000002301 问题如下 Using the ta in Exhibit 1, the Grahams’ net wealth (in thousan) is closest to: A.$2,174. B.$2,414. C.$2,795. The Grahams’ netwealth is their totassets less their totliabilities ($7,512 –$5,098 = $2,414), calculatein the following economic balansheet.A is incorrect. Humancapitwnot incluin assets anlifetime consumption wnot incluinliabilities: [(7,512 – 3,940) – (5,098 – 3,700)] = 3,572 – 1,398 = 2,174.C is incorrect.The ath benefit rather ththe cash value of life insuranwincluinthe calculation of assets: (7,512 + 250 + 250 – 119) – 5,098 =7,893 – 5,098 = 2,795. 400000nation没算在liability里面？