Financial Literacy FINAL EXAM REVIEW

The amount you pay for an insurance policy.

• Rider
• Premium
• Deductible
• Co-Pay

If you have a positive net worth, your liabilities total...

• more than your assets

• less than your assets

• the same as your assets

• twice as much as your assets

Your net worth is your ________ minus your ________

• assets; liabilities

• liabilities; assets

• stocks; bonds

• paycheck; deductions

What is something you already own (positive cash value)?

• asset

• liability

What is debts you owe (negative cash value)?

• assets

• liabilities

MONEY IN A SAVINGS ACCOUNT

• asset

• liability

CAR LOAN

• asset

• liability

CREDIT CARD BILL

• asset

• liability

HOME VALUE (equity)

• asset

• liability

How do you calculate Net Worth?

• assets - liability

• liability - assets