The balance sheet

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

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

Which of the following is considered an asset?

• Bank Loan
• Mortgage
• Debit Card
• Savings account

Which of the following is considered a liability?

• Savings Account
• Mortgage
• Savings bond
• Coin Collection

Property owned by an individual

• Liability

• Asset

• Property

• Net Worth

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

• Financial obligations

• Assets

• Net Worth

• Property

Debts and financial obligations (responsibilities).

• Liabilities

• Assets

• Negative Net Worth

• Property

Examples of Liabilities include which of the following:

• Loans, credit cards, and real property

• Loans, mortgage, and credit cards

• Loans, Art collection, and savings account

• Mortgage, credit card, and real property

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

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