Net Worth Practice

The part of a net worth statement that shows all debts is:

• Bank accounts

• Total liabilities

• Mortgage

• Total assets

If a business has $10,000 cash on hand, $25,000 in a checking account and land valued at $300,000, on which line of a financial statement should the $335,000 total be entered?

• Total assets

• Net worth

• Mortgage

• Total liabilities

What is another word for house payment?

• Wages

• Net Worth

• Mortgage

• Book

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

• asset

• liability

• net worth

• coconut

Tags

CCSS.HSA.SSE.A.1

You can have negative Net Worth.

• True

• False

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Which of the following are considered assets?

1. A Car that is paid off

2. Student Loans

3. Rent Payments

• 1 only

• 1 and 2 only

• 2 and 3 only

• 1, 2, and 3 only

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?

• $7,525

• $23,725

• $16,200

• $39,925

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

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 owes her apartment $840 in rent. What is her Net Worth?

• $1,610

• $3,015

• $4,625

• $7,640

$8,235 owed on a credit card

• Asset

• Liability