7.13 C Net Worth Assets and Liabilities

Flashcard
•
Mathematics
•
7th Grade
•
Hard
+2
Standards-aligned
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1.
FLASHCARD QUESTION
Front
What is net worth?
Back
Net worth is the difference between total assets and total liabilities. It represents the value of an individual's or entity's financial position.
2.
FLASHCARD QUESTION
Front
How do you calculate liabilities?
Back
Liabilities can be calculated by subtracting net worth from total assets. Formula: Liabilities = Assets - Net Worth.
Tags
CCSS.6.RP.A.3B
3.
FLASHCARD QUESTION
Front
What are assets?
Back
Assets are resources owned by an individual or entity that have economic value, such as cash, property, and investments.
4.
FLASHCARD QUESTION
Front
What are liabilities?
Back
Liabilities are financial obligations or debts that an individual or entity owes to others, such as loans, mortgages, and credit card balances.
5.
FLASHCARD QUESTION
Front
If Maxine has assets worth $77,000 and a net worth of $35,000, what are her liabilities?
Back
$42,000
Tags
CCSS.7.NS.A.1B
6.
FLASHCARD QUESTION
Front
Monica owns a home worth $175,000 and has various debts. How do you find her total liabilities?
Back
Add all her debts together, including the mortgage, car loan, credit card balances, and any other obligations.
7.
FLASHCARD QUESTION
Front
What is the formula for calculating net worth?
Back
Net Worth = Total Assets - Total Liabilities.
Tags
CCSS.6.NS.C.5
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