Assets and Liabilities
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is an Asset?
Back
An asset is property owned by an individual that has value and can provide future economic benefits.
2.
FLASHCARD QUESTION
Front
What is a Liability?
Back
A liability is a financial obligation or debt that an individual or organization owes to another party.
3.
FLASHCARD QUESTION
Front
What does Positive Net Worth mean?
Back
Positive net worth means that an individual's assets are greater than their liabilities.
4.
FLASHCARD QUESTION
Front
What does Negative Net Worth mean?
Back
Negative net worth means that an individual's liabilities are greater than their assets.
5.
FLASHCARD QUESTION
Front
Give examples of Assets.
Back
Examples of assets include cash, real estate, vehicles, jewelry, and bank accounts.
6.
FLASHCARD QUESTION
Front
Give examples of Liabilities.
Back
Examples of liabilities include loans, mortgages, credit card debt, and unpaid bills.
7.
FLASHCARD QUESTION
Front
What is the relationship between Assets and Liabilities?
Back
The relationship is that assets are what you own, while liabilities are what you owe. Net worth is calculated by subtracting liabilities from assets.
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