Understanding Net Worth

Question 1

Which would be considered assets? Check all that apply.

Revolt · Accepted Answer

A: own a guitar; B: checking account; D: stocks and bonds; F: own a motorcycle

Question 2

Which would be considered liabilities? Check all that apply.

Revolt · Accepted Answer

A: motorcycle loan; C: car loan; D: credit card bill; E: mortgage

Question 3

Julie bought a house for $315,000 and has a $285,000 mortgage. She claims she has $315,000 in equity. Is she correct? If not, how much home equity does she have? Explain.

Revolt · Accepted Answer

No, she is not correct. She has 30,000 in home equity because 315,000 -285000 = 30,000

Question 4

What is Kevin’s net worth on May 31, 2013?

Revolt · Accepted Answer

A: $4,050

Question 5

Which of the following is not an example of income?

Revolt · Accepted Answer

B: food

Question 6

These are all examples of assets✔ expensesincomesavings.

Revolt · Accepted Answer

B: ✔ expenses

Question 7

What is Kaycie’s net income?$

Revolt · Accepted Answer

1,195

Question 8

Lana owns a house worth $325,000 and has a mortgage of $245,000. She owns a guitar worth $750. She also owns a car worth $15,000 and has $9,000 in car loans. She has $8,000 in stock investments and $2,100 in a savings account. What is Lana’s net worth?

Revolt · Accepted Answer

B: $96,850

Question 9

Check all that you included in your response.

Revolt · Accepted Answer

A: No, she is not correct.

Question 10

Check all that you included in your response.

Revolt · Accepted Answer

PENDING

Understanding Net Worth Answers

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