Final answer:
An individual's money and personal property are collectively referred to as assets (c). These can include a variety of items like money in the bank, investments, and personal possessions. Assets are distinct from income, budget, or broader financial management.
Step-by-step explanation:
The term used to describe an individual's money and personal property is assets. An asset is any item of value that an individual owns, which can include money in bank accounts, financial investments, real estate, a pension fund, and even personal possessions. It's crucial to distinguish assets from other financial concepts such as income, budget, and finances. Income refers to the money received, typically on a regular basis, for work or through investments.
A budget represents a financial plan that outlines projected spending and saving, based on income and expenses. Finances, on the other hand, encompass the broad management of an individual's money, including budgeting, saving, investing, and planning for the future.