Assets and Liabilities

Which of the following are considered assets?

1. House (owned)
2. Cash
3. Car Loan
4. Cash

• 1 only

• 2 and 3

• 1, 2, and 4 only

• 1 and 2

Which of the following are considered liabilities?

1. Boat Payoff
2. Clothes
3. Credit Card Debt
4. Furniture (owned)

• 1, 2, and 3

• 1, 3, and 4

• 1 and 3

• 2 and 3

Which of the following is not a liability?

• credit card debt

• jewelry

• mortgage

• RV payoff

Can a Net Worth be negative?

• Yes - as long as the assets are greater than liabilities

• No - assets can not be greater than liabilities

• Yes - as long as the liabilities are greater than assets

• No - liabilities can not be greater than assets

Tags

CCSS.7.NS.A.1B

The table shows some of Peter's assets and liabilities. If Peter's net worth is $101,800 what is the current value of Peter's house?

• $58,600

• $78,300

• $98,000

• $82,100

Tags

CCSS.7.NS.A.3

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

• -$64,020

• $19,750

• -$83,770

• -$103,520

Tags

CCSS.6.NS.C.5

The table shows Corey's assets and liabilities. What is his net worth?

• $24,950

• -$24,950

• $25,420

• -$25,420

Tags

CCSS.7.NS.A.1B

What are fixed expenses?

• Irregular expenses that change from week to week or month to month

• The amount of cash in your purse or wallet

• The amount of money in your bank account

• Expenses that stay the same from week to week or month to month

Every month, Jackie's mother pays the following expenses: the house payment, car payment, and cost of food. Which is a variable expense?

• house payment

• cost of food

• car payment

• none of the above