Assets vs Liability

ObjectiveTo teach/reinforce the difference between an asset and liability for kids and teens.
Description Cash House

Ask your parents or look online and find out what assets and liabilities are. Once you understand what they are, go around your house/neighborhood and think about which of the things you see are assets and which are liabilities. Then play one of the following games with your friends or family and increase your understanding of assets and liabilities.

Card Game:

1. Get some recipe cards or create small rectangular cards from card stock. You will need to make 50-80 cards.

2. Print, draw or stick an image of an asset or a liability one on each card. examples include: TV, house, car, telephone, music player, cash etc.

3. Print the word for the asset or liability on each card.

4. Make two cards, one with the word "assets" and the other with the word  "liabilities". You will need to do this for each player or team participating (if it's 4 player game make four assets cards and four liability cards.)

5. shuffle the assets/liabilities cards and deal to the players.

6. Set a timer for about 30 seconds and have each player sort their cards into categories.

7. The first person to finish and to sort their cards correctly is the winner.

Written Game:

1. Get a piece of paper (one sheet per person playing the game)

2. Draw a line down the center of the paper so that you have two columns. Label one column "Assets" and the other column "Liabilities".

3. Set a timer for 30 seconds - 1 minute.

4. All of the players write down as many assets and liabilities as they can think of in the time limit.

5. The person with the most correctly categorized words is the winner.

Verbal Game:

1. Give the name of an item (house, loan, cash etc.)

2. Have you kids tell you whether it is an asset or a liability. Discuss their answers. 

 

Complete When

Mark this activity as complete when you have played one of the above games and you feel like you have a good understanding of assets and liabilities.

Track your progress and earn badges!

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Age Range 8    9    10    11    12    13    14    15    16    17    18   
Activity Type Game
Tags Liabilities  Assets 
CreatedCindyCindy
Last ModifiedRobRob

References

Reference Reference Note  
Accounting Base Here is an article which give a basic definition of Assets and Liabilities .

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