Net worth and taxes

Assets are best described as

• money or property you own

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

Debts or money you owe (you are responsible for paying back).

• Liabilities

• Assets

• Negative Net Worth

• Property

Which of the following is an asset?

• mortgage

• school loan

• jewelry

• credit card bill

Net worth is found by

• subtracting expenses from income
• dividing monetary assets by current liabilities
• subtracting assets and liabilities

• dividing monthly debt by monthly income

Assets-​ (a)   = (b)  

• Liabilities
• Net worth
• Assets
• Interest Rate

Based on the chart above, what is the Net Worth?

• $16,840

• $50,850

• $34,010

• $67,690

You can have negative Net Worth.

• True

• False

Calculate NET WORTH

Assets: $20,000

Liabilities: $50,000

(a)  

• - $30,000
• $80,000
• - $80,000
• $30,000

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

(a)   ​

• $83,770
• $4,000
• $990

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