Calculating Your Net Worth Quiz

What is the formula to calculate net worth?

• Assets + Liabilities

• Assets - Liabilities

• Liabilities - Assets

• Assets \times Liabilities

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DOK Level 2: Skill/Concept

• $965,000

• $285,000

• -$285,000

• $625,000

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DOK Level 2: Skill/Concept

Which of the following is considered a liability?

• Savings account

• Mortgage balance

• Car value

• Home value

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DOK Level 2: Skill/Concept

• $20,000

• $10,000

• $15,000

• $5,000

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DOK Level 2: Skill/Concept

• $500,000

• $100,000

• $200,000

• $300,000

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DOK Level 2: Skill/Concept

Which of the following would increase Jeremy's net worth?

• Taking a new car loan

• Paying off credit card debt

• Increasing his mortgage balance

• Reducing his savings account balance

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DOK Level 2: Skill/Concept

• $120,000

• $110,000

• $115,000

• $5,000

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DOK Level 2: Skill/Concept

If Jeremy's credit card debt increases by $2,000, how will this affect his net worth?

• Increase by $2,000

• Decrease by $2,000

• No change

• Increase by $4,000

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DOK Level 2: Skill/Concept

Match the following words with definitions

• the amount you have to payback on a loan

• debt

• Things that you owe or have to pay back

• liabilities

• assets - liabilities

• Net worth

• Things that you own or have

• assets

• $125,000

• $50,000

• $75,000

• $100,000