Understanding Net Worth — Quiz Answers

Rosetta listed her assets and liabilities on a personal balance sheet. Rosetta’s Balance Sheet (April 2013) Assets Liabilities cash $900 credit card $4,000 investments $1,100 student loan $2,000 house $150,000 mortgage $100,000 car $8,000 car loan $5,000 Total Total If Rosetta sells her house and pays off the mortgage, how much should she receive (assuming there are no other costs associated with selling the house)?

Colin listed his assets and liabilities on a personal balance sheet. Colin’s Balance Sheet (August 2013) Assets Liabilities cash $1,500 credit card $500 stocks $800 rent $800 car $5,000 car loan $1,200 coin collection $1,200 student loan $5,000 Total Total Which statement is true about the total assets and the total liabilities?

Roberto listed his assets and liabilities on a personal balance sheet. Roberto’s Balance Sheet (September 2013) Assets Liabilities cash $1,800 credit card $4,000 investments $6,200 personal loan $1,000 house $150,000 mortgage $100,000 car $8,000 car loan $5,000 Total Total After creating the balance sheet, Roberto decided to use his investments to pay off his car loan. How will that decision affect the difference between his assets and liabilities?

Mr. Morgan earns 38 dollars comma 000 a year as a salesperson and a 5 percent commission on all his sales. He has a mortgage of 910 dollars a month and pays 175 dollars a month for utilities. Mr. Morgan owns a rental property for which he receives 680 dollars per month. Which is a liability?

Brandon owes his brother $120. He has a stamp collection worth $1,250 and he has $300 in a bank account. He also has a skateboard worth $95. Which are Brandon’s assets?

Rita does chores for her neighbors and makes $45 each weekend. She owes her sister $80. Rita has $178 in coins and a collection of baseball cards worth $475. Which is a liability?

Enzo’s balance sheet for the month of July is shown. Enzo’s Balance Sheet (July 2013) Assets Liabilities cash 600 dollars credit card 4 dollars comma 000 investments 500 dollars student loan 2 dollars comma 500 house 120 dollars comma 000 mortgage 80 dollars comma 000 car 6 dollars comma 000 car loan 2 dollars comma 000 Total 127 dollars comma 100 Total 88 dollars comma 500 Which expression finds Enzo’s net worth?

Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset equity is really only $45,000. Which statement explains whether Julio is correct?

Brenda created this personal balance sheet. Brenda’s Balance Sheet Assets Liabilities jewelry food wages health insurance commission rent bank account tips Total Total Brenda says her assets are definitely greater than her liabilities. Which explains whether Brenda is correct?