Budgets and Net Worth

Budgets and Net Worth

Assessment

Flashcard

Mathematics

7th Grade

Practice Problem

Easy

CCSS
7.NS.A.3, 4.OA.A.3, 7.RP.A.3

+1

Standards-aligned

Created by

Wayground Content

Used 1+ times

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is a Variable Expense?

Back

A Variable Expense is a cost that can change from month to month, such as going to the movies or eating out.

2.

FLASHCARD QUESTION

Front

What is a Fixed Expense?

Back

A Fixed Expense is a cost that remains the same each month, such as a car payment or rent.

3.

FLASHCARD QUESTION

Front

How do you calculate Net Worth?

Back

Net Worth is calculated by subtracting total liabilities from total assets. Formula: Net Worth = Total Assets - Total Liabilities.

Tags

CCSS.7.NS.A.3

4.

FLASHCARD QUESTION

Front

What is a Liability?

Back

A Liability is a financial obligation or debt that an individual owes to another party, such as a mortgage or credit card debt.

5.

FLASHCARD QUESTION

Front

What is an Asset?

Back

An Asset is anything of value or a resource owned by an individual, such as cash, property, or investments.

6.

FLASHCARD QUESTION

Front

Example of a Variable Expense:

Back

Eating out is an example of a Variable Expense because the amount spent can vary each month.

7.

FLASHCARD QUESTION

Front

Example of a Fixed Expense:

Back

A car payment is an example of a Fixed Expense because the amount remains constant each month.

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