Understanding Net Worth

Question 1

Roberto listed his assets and liabilities on a personal balance sheet. Roberto’s Balance Sheet (September 2013)AssetsLiabilitiescash$1,800credit card$4,000investments$6,200personal loan$1,000house$150,000mortgage$100,000car$8,000car loan$5,000Total 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?

Revolt · Accepted Answer

The difference between the assets and the liabilities will remain the same.

Question 2

Tricia listed her assets and liabilities. Credit Card BillCar LoanBondsPianoBank AccountBicycleWhich are Tricia’s liabilities? Select two choices..

Revolt · Accepted Answer

credit card bill; car loan

Question 3

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?

Revolt · Accepted Answer

$3,350

Question 4

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?

Revolt · Accepted Answer

the money she owes her sister

Question 5

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?

Revolt · Accepted Answer

the stamp collection, the bank account, and the skateboard

Question 6

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?

Revolt · Accepted Answer

127,100 dollars minus 88,500 dollars

Question 7

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?

Revolt · Accepted Answer

Carrie’s Balance Sheet (January 1, 2021)

Question 8

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

Revolt · Accepted Answer

$1,500

Question 9

Paige’s income statement for the month of December is shown. What is Paige’s net income for December?

Revolt · Accepted Answer

$950

Question 10

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?

Revolt · Accepted Answer

$88,700

Understanding Net Worth Answers

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