WorksheetsUnderstanding Personal Assets and Liabilities
Total questions: 10
Worksheet time: 5mins
What is the definition of net worth?
The total amount of money you earn in a year.
The difference between your total assets and total liabilities.
The total value of your investments.
The amount of money you have in your savings account.
Which of the following is considered a personal asset?
A car loan.
A credit card balance.
A house you own.
A student loan.
If you have 5,000 in savings, 2,000 in credit card debt, and a car worth $10,000, what is your net worth?
$3,000
$5,000
$13,000
$7,000
Which of the following is a liability?
A savings account.
A mortgage.
A piece of jewellery.
A retirement fund.
If your total assets are 50,000 and your total liabilities are 20,000, what is your net worth?
$30,000
$70,000
$20,000
$50,000
Which of the following would increase your net worth?
Taking out a new car loan.
Paying off your credit card debt.
Buying a new television on credit.
Increasing your student loan.
What is the primary purpose of calculating net worth?
To determine your annual income.
To assess your financial health.
To calculate your monthly expenses.
To find out your credit score.
Which of the following is NOT considered an asset?
Cash in hand.
A personal loan.
Stocks and bonds.
Real estate property.
If you sell an asset for more than its purchase price, what is the financial term for the profit made?
Depreciation.
Capital gain.
Net loss.
Amortisation.
Which of the following is an example of a depreciating asset?
A piece of land.
A new car.
A rare painting.
A gold necklace.
