Quiz about Assets, Liabilities & Net Worth

Question 1

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

Accepted Answer

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

Answer

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

Answer

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

Answer

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

Question 2

Nomar's net worth is $15,354.  Which of the following is true?

Accepted Answer

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

Answer

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

Answer

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

Answer

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

Question 3

Which of the following is considered an asset?

Accepted Answer

savings

Answer

credit card debt

Answer

car payoff

Answer

student loan

Question 4

Isadora rents an apartment for $1,000 a month and has a year's lease.  She owns a car that is worth $14,700.  She has a savings account of $4,750 and a credit card balance of $825.  What is her net worth?

Accepted Answer

$17,625

Answer

$19,450

Answer

-$16,320

Answer

$1,825

Question 5

Jin's total assets are $8,794.  Her liabilities are $2,670 in credit card debt and $3,622 for a student loan.  What is her net worth?

Accepted Answer

$2,502

Answer

$6,124

Answer

$15,086

Answer

-$4,328

Question 6

Assets are best described as

Accepted Answer

monetary assets you own

Answer

financial debts and obligations for which you owe

Answer

your net worth

Answer

adjusted gross income

Question 7

Net worth is found by

Accepted Answer

subtracting liabilities from assets

Answer

subtracting expenses from income

Answer

dividing monetary assets by current liabilities

Answer

dividing monthly debt by monthly income

Question 8

Bank Loan

Accepted Answer

Liability

Answer

Asset

Question 9

Boat's Worth

Accepted Answer

Asset

Answer

Liability

Question 10

Car's Worth

Accepted Answer

Asset

Answer

Liability

Question 11

Cash

Accepted Answer

Asset

Answer

Liability

Question 12

Checking Account

Accepted Answer

Asset

Answer

Liability

Question 13

Credit Card Balance

Accepted Answer

Liability

Answer

Asset

Question 14

Mario's net worth is $8,250.63.  His liabilities are $3,222.35.  If he doubles his net worth but keeps his liabilities the same, what will the new value of his assets be?

Accepted Answer

$13,278.91

Answer

$5,028.28

Answer

$16,501.26

Question 15

Which of the following are considered assets?

1. A Car

2. Student Loans

3. Rent Payments

Accepted Answer

1 only

Answer

1 and 2 only

Answer

2 and 3 only

Answer

1, 2, and 3 only

Question 16

Pratt own a car worth $14,200 and $2,100 worth of electronics. He still owes $7,300 on his student loans and $8,900 on his car loan. He has $2,315 in his bank account and $5,110 in an investment account. What is Pratt's Net Worth?

Accepted Answer

$2,475

Answer

$13,725

Answer

$16,200

Answer

$29,925

Question 17

Which of the following are considered liabilities?

1 - A Mortgage

2 - Kitchen Dishes

3 - A Car Loan

Accepted Answer

1 and 3 only

Answer

1 only

Answer

1 and 2 only

Answer

1, 2, and 3

Question 18

Dani has $1,425 in her bank account and a car worth $3,200. She still owes $1,350 on the car and $825 on her student loans. She has 6 months left on her apartment lease, which charges $140 per month in rent. What is her Net Worth?

Accepted Answer

$1,610

Answer

$3,015

Answer

$4,625

Answer

$7,640

Question 19

$8,235 owed on a credit card

Accepted Answer

Liability

Answer

Asset

Question 20

Estimated home value of $233,00

Accepted Answer

Asset

Answer

Liability

Question 21

Which of the following is not an asset?

Accepted Answer

House Mortgage

Answer

Car

Answer

House Value

Answer

Jewelry

Question 22

How do you find Net Worth?

Accepted Answer

Assets - Liabilities

Answer

Liabilities - Assets

Answer

Liabilities + Assets

Answer

Assets + Liabilities

Question 23

The table shows Peter's net worth statement. Assets are positive and liabilities are negatives. Peter's net worth is $101,800. Based on the information in the table, what is the current value of Peter's house?

Accepted Answer

$98,000

Answer

$58,600

Answer

$78,300

Answer

$82,100

Question 24

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

Accepted Answer

$34,010

Answer

$16,840

Answer

$50,850

Answer

$67,690

Question 25

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

Accepted Answer

$83,770

Answer

$64,020

Answer

$19,750

Answer

$103,520

Question 26

Property owned by an individual

Accepted Answer

Asset

Answer

Liability

Answer

Property

Answer

Net Worth

Question 27

Debts and financial obligations (responsibilities).

Accepted Answer

Liabilities

Answer

Assets

Answer

Negative Net Worth

Answer

Property

Question 28

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

Accepted Answer

Net Worth

Answer

Financial obligations

Answer

Assets

Answer

Property

Question 29

Positive Net Worth is defined as:

Accepted Answer

assets are greater than liabilities

Answer

assets are less that liabilities

Answer

liabilities are greater than assets

Answer

assets are equal to liabilities

Question 30

Negative Net Worth is defined as:

Accepted Answer

Assets are less that liabilities

Answer

Assets and liabilities are the same amount

Answer

Liabilities are less that assets

Answer

Assets are greater than liabilities

Question 31

Zero net worth is defined as:

Accepted Answer

Assets are equal to liabilities

Answer

Assets are greater than liabilities

Answer

Assets are less than liabilities

Answer

None of the above

Question 32

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

Accepted Answer

$55,000

Answer

$119,000

Answer

$45,000

Answer

$32,000

Question 33

Abby lives in a home worth $115,000. She has a loan of $98,000 and has a credit card balance of $2,300. She has a car that is worth 5,800. She also has a checking account with a balance of $900 and $300 in gift cards. What is Abby's net worth?

Accepted Answer

21,700

Answer

127,200

Answer

105,500

Answer

232,700

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