Understanding Net Worth Answers

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1
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Consider Adam’s income statement. Which shows how to calculate Adam’s net income?

A
$1,310 - $3,100 = -$1,790
B
$3,100 + $1,310 = $4,710
C
$3,100 - $1,310 = $1,790
D
$4,710 - $3,100 = $1,610
3

Which shows how to calculate Jasper’s net worth?

A
$4,400 - $15,800 = -$11,340
B
$15,800 + $4,400 = $20,260
C
$15,800 - $4,400 = $11,400
D
$20,260 - $15,800 = $4,400
4

Vijay’s assets total:

A
$124,500
B
$272,500
C
$274,500
D
$297,800
5

Vijay’s liabilities total:

A
$106, 000
B
$150,000
C
$156,000
D
$157,700
6

Vijay’s net worth is:

A
$115,100
B
$118,500
C
$122,500
D
$274,500
7

Which would you use to determine how much money you have left over to save each month?

A
balance sheet
B
income statement
C
net worth statement
D
paystub

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