Budgets and Net Worth

Net worth RECAP!

Multiple Choice

What is the formula to find NET WORTH?

• Assets - Liabilities

• Assets + Liabilities

• Net worth - Assets

• Liabilities - Networth

• a

Multiple Choice

Property owned by a person or company, regarded as having value is an __________

• asset

• liability

• net worth

• pizza

Multiple Choice

The difference of what you own and what you owe (the difference between assets and liabilities)

• asset

• liability

• net worth

• coconut

Multiple Choice

Assets-Liabilities=

• assets

• expenses

• net worth

• savings

Multiple Choice

Assets=$20,000

Liabilities=$50,000

What is the net worth?

• $80,000

• - $80,000

• $30,000

• - $30,000

Multiple Choice

Which of the following is an asset?

• mortgage

• school loan

• jewelry

• credit card bill

Multiple Choice

You can have negative Net Worth.

• True

• False

Multiple Choice

A thing for which someone is responsible, especially a debt or financial obligation is a _____.

• asset

• liability

• net worth

• bacon

Multiple Choice

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

• $24,950
• -$24,520
• $25,420
• $50,370

Multiple Choice

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

Multiple Choice

Based on the chart above, what is the Net Worth?

• $16,840

• $50,850

• $34,010

• $67,690

Multiple Choice

Positive Net Worth is defined as:

• assets are less that liabilities

• liabilities are greater than assets

• assets are equal to liabilities

• assets are greater than liabilities

Multiple Choice

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

• $24,950
• $25,420
• -$24,950
• $50,370

Multiple Choice

Charlie's net worth is -$35,354.  Which of the following is true?

• He has a positive net worth which means his assets are greater than his liabilities. 
• He has a positive net worth which means his liabilities are greater than his assets.
• He has a negative net worth which means his liabilities are greater than his assets.
• He has a negative net worth which means his assets are greater than his liabilities 

Multiple Choice

Based on the chart above, what was the net worth?

• $64,020

• $19,750

• $83,770

• $103,520

Fill in the Blanks

Calculate the net worth of someone with assets of $198,000 and liabilities of $154,000.

Fill in the Blanks

What is the value of liabilities if total assets are $204,800 and net worth is $128,900?

Multiple Choice

What percent of Sherri's total monthly budget is put into savings?

• 15%

• 8%

• 12.5%

• 25%

Multiple Choice

What percent of Sherri's total budget is put into cable and cell phone?

• 5%

• 9%

• 13%

• 17%