Assets and Liabilities

Property owned by an individual

• Liability

• Asset

• Property

• Net Worth

The value of all assets minus the value of all liabilities.

• Financial obligations

• Assets

• Net Worth

• Property

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Debts and financial obligations (responsibilities).

• Liabilities

• Assets

• Negative Net Worth

• Property

Tags

CCSS.7.NS.A.1B

Positive Net Worth is defined as:

• assets are less that liabilities

• liabilities are greater than assets

• assets are equal to liabilities

• assets are greater than liabilities

Tags

CCSS.7.NS.A.1B

Negative Net Worth is defined as:

• Assets and liabilities are the same amount

• Assets are less that liabilities

• Liabilities are less that assets

• Assets are greater than liabilities

Tags

CCSS.6.NS.C.7C

Examples of assets include:

• Real Property, Car, and credit cards

• Car, Jewelry, and Checking account

• Art collection, Jewelry, and unpaid taxes

• Real Property, Car loan, Jewelry

Net Worth if equal to:

• Liabilities added to assets

• Assets minus liabilities

• Assets added to liabilities

Tags

CCSS.6.NS.C.7C

Which of the following is considered an asset?

• Bank Loan
• Mortgage
• Debit Card
• Savings account

Which of the following is considered a liability?

• Savings Account
• Mortgage
• Savings bond
• Coin Collection

Zero net worth is defined as:

• Assets are greater than liabilities

• Assets are less than liabilities

• Assets are equal to liabilities

• None of the above

Tags

CCSS.7.EE.B.3

CCSS.7.EE.B.4

CCSS.7.NS.A.3