A balance sheet is a versatile document that offers a snapshot of a company's or individual's finances at a given point in time. Businesses can use balance sheets to develop plans for the future ...

If you are stumped by the question "What is net worth?" you're not alone. A study by CreditKarma found that 51% of Americans are fuzzy on the definition and do not know their own net worth.

Thomas Barwick / Getty Images The median net worth ranges from a few thousand dollars for lower-class families to more than $7 million for families in the upper class. However, the vast majority ...