1. What is a balance sheet?

The balance sheet or balance sheet of a company is a financial accounting

document that reflects the economic and patrimonial situation of the company
on a certain date.

2. what is an asset?
Assets are all those goods, resources and services that a company can own.
These elements must have been acquired in their entirety so that their
possession generates resources in the long term. The assets of a company can
be very varied, and they are of central importance in the calculation of the net
worth of the company.

3. What is a liability?

The liability consists of the debts that the company has, included in the
balance sheet, and includes the current obligations of the company that
originate from past financial transactions.

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5. Explain: Time value of money

the concept that the money you have in your pocket today is worth more than
the same amount would be worth if you received it in the future because of the
earnings you can make in the intervening period
 6 What is the role of time value in finance.
The time value of money refers to an economic concept that seeks to explain
the phenomenon whereby present money, expressed in any currency, will have
less purchasing power in the future.