Understanding Net Worth Answers

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?

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

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

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?

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?

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?

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 has a laptop computer worth $950. She also has a meal plan at school for which she pays $250 per month.

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

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.

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?