7.13 C Net Worth Assets and Liabilities

Which of the following is considered an asset? 2 answers.

• A Bank loan

• B Mortgage

• C Debit card

• D Savings bond

Which of the following is considered a liability?

• Car payment

• G Savings bond

• H Coin collection

• J Savings account

Maxine has assets worth $77,000 and a net worth of $35,000. What is the amount of her liabilities?

• $119,000

• $45,000

• $42,000

• $32,000

Arlie lives in a home worth $135,000. She has a mortgage of $88,000. She owes $4,200 on her car that is worth $11,000. She has a credit card balance of $2,800. She also has a checking account with a balance of $900 and $300 in gift cards. What is Arlie's net worth?

• $147,200

• $95,000

• $222,200

• $52,200

Which group contains exactly three liabilities?

• A savings account, gift card, bank loan

• B checking account, bank loan, car payment

• C mortgage, bank loan, car payment

• D stocks, retirement fund, car

Which of the following best describes a person's net worth?

• F Difference between a person's assets and a person's liabilities

• G The value of a person's home

• H A person's liability

• J Difference between a person's income and a person's expenses

Veronica owns stocks worth $11,200. She owes $4,500 on her student loans and $800 on her credit cards. She owes $6,000 on her car that is worth $10,000. She has $400 in her checking account. What is her net worth?

• $21,600

• $5,600

• $11,300

• $10,300

Monica owns her home worth $175,000. She owes $6,600 on her car worth $23,000. She owns $4,000 in computers and tablets. Her credit cards' balances total $720. She has $600 in her checking account and $5,000 in her savings account. What is Monica's total liabilities?

Jennifer owns her home worth $85,000. She owes $6,600 on her car worth $24,400. She owes $8,000 on furniture worth $10,000. Her credit cards' balances total $2,875. She has $1,800 in her checking account and $4,000 in her savings account. What is Jennifer's total assets?

• $107,725

• $23,020

• $17,475

• $125,200

Which group contains exactly 2 liabilities and 1 asset?

• F savings account, gift card, art work

• G checking account, car, mortgage

• H mortgage, bank loan, car

• J stocks, retirement fund, coin collection