
Net Worth
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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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 net worth?
Back
Net worth = Total Assets - Total Liabilities.
3.
FLASHCARD QUESTION
Front
What are assets?
Back
Assets are valuable resources owned by an individual or entity, such as cash, real estate, and personal property.
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 and mortgages.
5.
FLASHCARD QUESTION
Front
Can net worth be negative?
Back
Yes, net worth can be negative if liabilities exceed assets.
6.
FLASHCARD QUESTION
Front
What is an example of an asset?
Back
Jewelry, real estate, stocks, and cash are examples of assets.
7.
FLASHCARD QUESTION
Front
What is an example of a liability?
Back
A mortgage, credit card debt, and student loans are examples of liabilities.
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