Net Worth

Front

Can you have negative Net Worth?

Back

True

Front

If Assets = $20,000 and Liabilities = $50,000, what is the net worth?

Back

- $30,000

Front

What are Assets best described as?

Back

Money or property you own.

Front

What are Debts or money you owe called?

Back

Liabilities

Front

Which of the following is considered an asset? Credit card debt, savings, car payoff, student loan?

Back

Savings.

Front

What is the formula to calculate Net Worth?

Back

Net Worth = Assets - Liabilities.

Front

If your Assets are $100,000 and Liabilities are $150,000, what is your Net Worth?

Back

- $50,000.

Front

What does it mean if someone has a negative Net Worth?

Back

They owe more than they own.

Front

What are examples of Assets?

Back

Cash, real estate, stocks.

Front

What are examples of Liabilities?

Back

Mortgages, loans, credit card debt.