Percent Change and Basic Math Problems

Front

What is the formula to calculate net worth?

Back

Net Worth = Assets - Liabilities

Front

What does the term 'asset' refer to?

Back

Property owned by a person or company, regarded as having value.

Front

If a map scale is 1cm = 8km, how do you find the actual distance between two points that are 24cm apart on the map?

Back

Multiply the distance on the map by the scale factor: 24cm * 8km/cm = 192km.

Front

What is the definition of a liability?

Back

A liability is a financial obligation or debt owed by an individual or company.

Front

How do you calculate the volume of a rectangular prism?

Back

Volume = Length × Width × Height.

Front

What is the significance of understanding percent change?

Back

Percent change helps in understanding how much a quantity has increased or decreased relative to its original value.

Front

If an asset is valued at $50,000 and liabilities are $25,000, what is the net worth?

Back

Net Worth = $50,000 - $25,000 = $25,000.

Front

What is the formula for calculating percent change?

Back

Percent Change = ((New Value - Old Value) / Old Value) × 100.

Front

If a company's assets total $100,000 and liabilities total $150,000, what is the net worth?

Back

Net Worth = $100,000 - $150,000 = -$50,000.

Front

What does it mean if a person has a negative net worth?

Back

It means that their liabilities exceed their assets.