Assets vs Liabilities

Assets vs Liabilities

Assessment

Flashcard

Mathematics

7th - 8th Grade

Practice Problem

Hard

CCSS
7.RP.A.3

Standards-aligned

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is the definition of an asset?

Back

An asset is a resource owned by an individual or entity that is expected to provide future economic benefits.

2.

FLASHCARD QUESTION

Front

What is the definition of a liability?

Back

A liability is a financial obligation or debt that an individual or entity owes to another party.

3.

FLASHCARD QUESTION

Front

Give an example of a liquid asset.

Back

Cash is an example of a liquid asset because it can be easily accessed and used for transactions.

4.

FLASHCARD QUESTION

Front

What is the difference between current and non-current assets?

Back

Current assets are expected to be converted into cash or used up within one year, while non-current assets are long-term investments that will provide value over a period longer than one year.

5.

FLASHCARD QUESTION

Front

What is an example of a current liability?

Back

Accounts payable is an example of a current liability, as it represents money owed to suppliers that is due within a year.

6.

FLASHCARD QUESTION

Front

How does credit card debt classify in terms of assets and liabilities?

Back

Credit card debt is classified as a liability because it represents money that must be repaid.

7.

FLASHCARD QUESTION

Front

What is the impact of owning a house on personal net worth?

Back

Owning a house increases personal net worth as it is considered an asset that contributes to overall wealth.

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