Net Worth, Assets, and Liabilities

The value of all assets minus the value of all liabilities. (a)  

• Financial obligations
• Assets
• Net Worth
• Property

Property owned by an individual (a)  

• Liability
• Asset
• Property
• Net Worth

Debts and financial obligations (owe). (a)  

• Liabilities
• Assets
• Negative Net Worth
• Property

Examples of Liabilities include which of the following:

• Loans, credit cards, and real property

• Loans, mortgage, and credit cards

• Loans, Art collection, and savings account

• Mortgage, credit card, and real property

Positive Net Worth is defined as: (a)  

• assets are less that liabilities
• liabilities are greater than assets
• assets are equal to liabilities
• assets are greater than liabilities

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

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

Charlie's net worth is -$35,354.  Which of the following is true?

• He has a positive net worth which means his assets are greater than his liabilities. 
• He has a positive net worth which means his liabilities are greater than his assets.
• He has a negative net worth which means his liabilities are greater than his assets.
• He has a negative net worth which means his assets are greater than his liabilities 

Which of the following is an asset? (a)  

• mortgage
• school loan
• jewelry
• credit card bill

Bills and Loans are examples of ________?