Financial Literacy Quiz

Label all terms below as 'assets' or 'liabilities'. The terms to be labeled are: Medical Bills, House, Car, Credit card balance, Company Stock, Co-signed loan, College Loans, Inheritance, Savings account, RV loans.

An item that an individual or business owns that can be sold to generate cash quickly is called ____.

Income that an individual or business is expected to receive for products or services are ____.

Money owed on a product, service or good is called ____.

Bills that are owed to businesses or individuals within the next operating year are called ____.

Items that must be paid within the next year are called ____.

Products and inventory an individual or business owns that will be used for more than one calendar year are called ____.

To find net worth, use the equation ____ - ____ = net worth.

List three forms of current assets ____ , ____ , and ____.

What is a negative net worth?