Understanding Assets and Liabilities

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Property owned by an individual

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Asset

Front

The value of all assets minus the value of all liabilities.

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Net Worth

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Debts and financial obligations (owe).

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Liabilities

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Examples of Liabilities include which of the following: Loans, credit cards, and real property, Loans, mortgage, and credit cards, Loans, Art collection, and savings account, Mortgage, credit card, and real property

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Loans, mortgage, and credit cards

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Positive Net Worth is defined as:

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assets are greater than liabilities

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Negative Net Worth is defined as: Assets and liabilities are the same amount, Assets are less that liabilities, Liabilities are less that assets, Assets are greater than liabilities

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Assets are less that liabilities

Front

Examples of assets include: Car, Jewelry, and Checking account

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Car, Jewelry, and Checking account

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Susie has assets worth $87,000 and a net worth of $32,000. What is the amount of her liabilities?

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$55,000

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What is the total value of Claude's assets?

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$24,950

Front

The table below shows Claude's assets and liabilities. What is the total value of his liabilities?

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$50,320