Assets and Liabilities Practice

Which of the following are considered assets?

1. A Car

2. Student Loans

3. Rent Payments

• 1 only

• 1 and 2 only

• 2 and 3 only

• 1, 2, and 3 only

Which of the following are considered liabilities?

1 - A Mortgage

2 - Kitchen Dishes

3 - A Car Loan

• 1 only

• 1 and 2 only

• 1 and 3 only

• 1, 2, and 3

$8,235 owed on a credit card

• Asset

• Liability

How do you find Net Worth?

• Liabilities - Assets

• Assets - Liabilities

• Liabilities + Assets

• Assets + Liabilities

Tags

CCSS.6.NS.C.7C

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 

Tags

CCSS.7.NS.A.1B

Which of the following is considered an asset?

• credit card debt

• savings

• car payment

• student loan

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?

• $6,124
• $15,086
• -$4,328
• $2,502

Tags

CCSS.7.NS.A.3

Assets are best described as

• monetary assets you own
• financial debts and obligations for which you owe
• your net worth
• adjusted gross income

Tags

CCSS.7.RP.A.3

Monthly phone bill

• Asset

• Liability

Student Loans

• Asset
• Liability