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little_back · 2021年07月26日

容易和private wealth management中net worth和netwealth弄混。

NO.PZ2018110601000033

问题如下:

Exhibit 1 Grey Family: Personal and Financial Information:

Personal Information:

1. Estimated present value of the Greys’ future earnings is $3,900,000.

2. The family has two children, ages 10 and 8. Cost of four years of university for the two children, with an estimated present value of $250,000.

3. Purchase of a vacation home in the next five years, with an estimated present value of $325,000.

4. Estimated present value of the Grahams’ future consumption is $3,500,000.

Financial Information:

Using the data in Exhibit 1, the Greys’ economic net worth (in thousands) is closest to:

选项:

A.

$755

B.

$679

C.

$854

解释:

B is correct.

考点:economic balance sheet

解析:economic balance sheet不仅包含了传统的资产和负债,还包含了extended assets & liabilities,例如养老金、未来消费的现值。所以计算过程中既要包含表格中的财务信息,也要包含表格上方的4条个人信息。其中,

Total economic assets = PV of future earnings+ Checking account+ Taxable investment account+ Residence=3900+27+625+525=$5077 (in thousands)

Total economic liabilities= PV of education + vacation home+ PV of future consumption+ Residential mortgage+ Outstanding balance on line of credit=250+325+3500+285+38=$4398 (in thousands)

所以Economic net worth=5077-4398=679 (in thousands)

补充解释表格中最后一行的Outstanding balance on a $100,000 home equity line of credit:$38,000

意思是房屋抵押贷款(home equity line of credit)当初申请到了$100,000,这几年陆续还掉了一些本金,所以贷款余额(Outstanding balance)还剩$38,000,因此目前负债$38,000。

容易和private wealth management中net worth和netwealth弄混。

1 个答案
已采纳答案

Shimin_CPA税法主讲、CFA教研 · 2021年07月26日

嗨,爱思考的PZer你好:


单说net worth,指传统的会计报表上asset减liability的部分,即Asset-Liablity=equity=net worth。

前面带着economic的(AA中的说法),或者单说是net wealth(个人IPS中的说法), 指的是非传统报表economic balance sheet,也就是包含了human capital、bequest的报表。计算方法虽然也是A-L=equity,但此时的equity称为net wealth,或者economic net worth。

容易混淆的话,你就记一个,看到“net worth”没有前缀,对应“传统”

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