On-Level Warmup Quiz (Interest + Net Worth))

What does the simple interest formula calculate?

• Interest

• Account Value

• Principal

• Interest Rate

What does the compound interest formula calculate?

• Interest

• Account Value

• Principal

• Interest Rate

If you calculate I = prt and the question asks for the interest earned, what do you write as your answer?

• The value of I that you calculated.

• You add the interest to the account value and write that.

If you calculate I = prt and the question asks for the account balance, what do you write as your answer?

• The value of I that you calculated.

• You add the interest to the account value and write that.

If you calculate A = p(1+r)^t and the question asks for the account balance, what do you write as your answer?

• The value of A that you calculated.

• You subtract the principal from the value of A and write that.

If you calculate A = p(1+r)^t and the question asks for the interest, what do you write as your answer?

• The value of A that you calculated.

• You subtract the principal from the value of A and write that.

If Sheila's assets total $115,000 and her liabilities total $15,000, what is her net worth?

• $130,000

• $100,000

• $115,000

• $15,000

If John's net worth is $55,000 and he owns $75,000 in assets, how much are his liabilities?

• $130,000

• $20,000

• $55,000

• $75,000

If the Roy family has a net worth of $15,000 and their liabilities are $10,000, what is the value of their assets?

• $25,000

• $5,000

• $15,000

• $10,000