问题如下图：
选项：
A. 
B. 
C. 
解释：
Outstanding balance on line of credit 是负债？
NO.PZ2018110601000033问题如下Exhibit 1 Grey Family: PersonanFinanciInformation:PersonInformation:1. Estimatepresent value of the Greys’ future earnings is $3,900,000.2. The family htwo chilen, ages 10 an8. Cost of four years of university for the two chilen, with estimatepresent value of $250,000.3. Purchase of a vacation home in the next five years, with estimatepresent value of $325,000.4. Estimatepresent value of the Grahams’ future consumption is $3,500,000. FinanciInformation: Using the ta in Exhibit 1, the Greys’ economic net worth (in thousan) is closest to:A.$755B.$679C.$854 B is correct.考点economic balansheet解析economic balansheet不仅包含了传统的资产和负债，还包含了extenassets 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，Toteconomic assets = PV of future earnings+ Checking account+ Taxable investment account+ Resince=3900+27+625+525=$5077 (in thousan)Toteconomic liabilities= PV of ecation + vacation home+ PV of future consumption+ Resintimortgage+ Outstanng balanon line of cret=250+325+3500+285+38=$4398 (in thousan)所以Economic net worth=5077-4398=679 (in thousan)补充表格中最后一行的Outstanng balanon a $100,000 home equity line of cret$38,000意思是房屋抵押贷款（home equity line of cret）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（Outstanng balance）还剩$38,000，因此目前负债$38,000。 为什么不把这10万算进asset中？38000是liability，10w是asset，为什么不是两个相减算净值
NO.PZ2018110601000033 问题如下 Exhibit 1 Grey Family: PersonanFinanciInformation:PersonInformation:1. Estimatepresent value of the Greys’ future earnings is $3,900,000.2. The family htwo chilen, ages 10 an8. Cost of four years of university for the two chilen, with estimatepresent value of $250,000.3. Purchase of a vacation home in the next five years, with estimatepresent value of $325,000.4. Estimatepresent value of the Grahams’ future consumption is $3,500,000. FinanciInformation: Using the ta in Exhibit 1, the Greys’ economic net worth (in thousan) is closest to: A.$755 B.$679 C.$854 B is correct.考点economic balansheet解析economic balansheet不仅包含了传统的资产和负债，还包含了extenassets 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，Toteconomic assets = PV of future earnings+ Checking account+ Taxable investment account+ Resince=3900+27+625+525=$5077 (in thousan)Toteconomic liabilities= PV of ecation + vacation home+ PV of future consumption+ Resintimortgage+ Outstanng balanon line of cret=250+325+3500+285+38=$4398 (in thousan)所以Economic net worth=5077-4398=679 (in thousan)补充表格中最后一行的Outstanng balanon a $100,000 home equity line of cret$38,000意思是房屋抵押贷款（home equity line of cret）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（Outstanng balance）还剩$38,000，因此目前负债$38,000。 Purchase of a vacation home in the next five years，L会增加这个我没有疑问，但是我以为A也同时增加了同样的值，所以对于计算结果没有影响呢，麻烦老师帮忙梳理一下这里应该怎么考虑
NO.PZ2018110601000033 问题如下 Exhibit 1 Grey Family: PersonanFinanciInformation:PersonInformation:1. Estimatepresent value of the Greys’ future earnings is $3,900,000.2. The family htwo chilen, ages 10 an8. Cost of four years of university for the two chilen, with estimatepresent value of $250,000.3. Purchase of a vacation home in the next five years, with estimatepresent value of $325,000.4. Estimatepresent value of the Grahams’ future consumption is $3,500,000. FinanciInformation: Using the ta in Exhibit 1, the Greys’ economic net worth (in thousan) is closest to: A.$755 B.$679 C.$854 B is correct.考点economic balansheet解析economic balansheet不仅包含了传统的资产和负债，还包含了extenassets 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，Toteconomic assets = PV of future earnings+ Checking account+ Taxable investment account+ Resince=3900+27+625+525=$5077 (in thousan)Toteconomic liabilities= PV of ecation + vacation home+ PV of future consumption+ Resintimortgage+ Outstanng balanon line of cret=250+325+3500+285+38=$4398 (in thousan)所以Economic net worth=5077-4398=679 (in thousan)补充表格中最后一行的Outstanng balanon a $100,000 home equity line of cret$38,000意思是房屋抵押贷款（home equity line of cret）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（Outstanng balance）还剩$38,000，因此目前负债$38,000。 题目中的285K的resinmortgage也是抵押贷款，最后一个outstanng balanof home cret也是抵押贷款余额。为什么会有两个房屋抵押贷款？二者有什么区别？
NO.PZ2018110601000033 问题如下 Exhibit 1 Grey Family: PersonanFinanciInformation:PersonInformation:1. Estimatepresent value of the Greys’ future earnings is $3,900,000.2. The family htwo chilen, ages 10 an8. Cost of four years of university for the two chilen, with estimatepresent value of $250,000.3. Purchase of a vacation home in the next five years, with estimatepresent value of $325,000.4. Estimatepresent value of the Grahams’ future consumption is $3,500,000. FinanciInformation: Using the ta in Exhibit 1, the Greys’ economic net worth (in thousan) is closest to: A.$755 B.$679 C.$854 B is correct.考点economic balansheet解析economic balansheet不仅包含了传统的资产和负债，还包含了extenassets 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，Toteconomic assets = PV of future earnings+ Checking account+ Taxable investment account+ Resince=3900+27+625+525=$5077 (in thousan)Toteconomic liabilities= PV of ecation + vacation home+ PV of future consumption+ Resintimortgage+ Outstanng balanon line of cret=250+325+3500+285+38=$4398 (in thousan)所以Economic net worth=5077-4398=679 (in thousan)补充表格中最后一行的Outstanng balanon a $100,000 home equity line of cret$38,000意思是房屋抵押贷款（home equity line of cret）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（Outstanng balance）还剩$38,000，因此目前负债$38,000。 是不是还欠银行38K？应该归为负债
NO.PZ2018110601000033 问题如下 Exhibit 1 Grey Family: PersonanFinanciInformation:PersonInformation:1. Estimatepresent value of the Greys’ future earnings is $3,900,000.2. The family htwo chilen, ages 10 an8. Cost of four years of university for the two chilen, with estimatepresent value of $250,000.3. Purchase of a vacation home in the next five years, with estimatepresent value of $325,000.4. Estimatepresent value of the Grahams’ future consumption is $3,500,000. FinanciInformation: Using the ta in Exhibit 1, the Greys’ economic net worth (in thousan) is closest to: A.$755 B.$679 C.$854 B is correct.考点economic balansheet解析economic balansheet不仅包含了传统的资产和负债，还包含了extenassets 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，Toteconomic assets = PV of future earnings+ Checking account+ Taxable investment account+ Resince=3900+27+625+525=$5077 (in thousan)Toteconomic liabilities= PV of ecation + vacation home+ PV of future consumption+ Resintimortgage+ Outstanng balanon line of cret=250+325+3500+285+38=$4398 (in thousan)所以Economic net worth=5077-4398=679 (in thousan)补充表格中最后一行的Outstanng balanon a $100,000 home equity line of cret$38,000意思是房屋抵押贷款（home equity line of cret）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（Outstanng balance）还剩$38,000，因此目前负债$38,000。 买一个度假房的325K算是未来支出，但是同样也算资产吧？为什么反而要把它从economic B/S资产端减去呢
