Understanding Net Worth Answers

Carrie is creating a personal balance sheet. The heading includes the period of time that the balance sheet represents. Which could be the heading of Carrie’s balance sheet?

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

Lenora is a college student with a student loan of $7,500. Her tuition is $3,200 per year. She owns $470 worth of text books and a has a laptop computer worth $950. She also has a meal plan at school for which she pays $250 per month.Which is one of Lenora’s assets?

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

Anna is creating a personal balance sheet. She plans to list these items.Bank AccountJewelryHealth InsuranceRentWhich statements about the balance sheet are correct? Select three choices.

Omar’s income statement for the month of October is shown. What is Omar’s net income for October?

Brenda created this personal balance sheet. Brenda’s Balance Sheet AssetsLiabilitiesjewelry 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?

Amala listed her assets and liabilities. Credit Card BalanceCar(Paid in full)JewelryStudent LoanSavings AccountStocks$850$2,200$125$2,500$1,200$1,500What is the total of Amala’s liabilities?

Keisha owns a house worth $275,000 with a mortgage of $195,000. She owns a car worth $12,000 and has $7,500 in car loans. She has $3,000 in investments, $2,700 in a bank account, and owes $1,500 on a credit card. What is Keisha’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?