Unit 10 review Personal Financial Literacy

Phillip created the net worth statement shown.

Based on the information in the statement, what is Phillip’s net worth?

• $184,500

• $41,500

• -$71,500

• -$41,500

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 are Jennifer’s total assets?

• $107,725

• $23,020

• $17,475

• $125,200

A mortgage is

• a liability

• an asset

Home value is

• a liability

• an asset

A laptop is

• a liability

• an asset

A car loan is

• a liability

• an asset

Which group contains exactly three liabilities?

• savings account, gift card, bank loan

• checking account, bank loan, car payment

• mortgage, bank loan, car payment

• stocks, retirement fund, car value

How much sales tax would Sam pay if he bought a jacket for $50 and was charged 3% sales tax.

How much would a city employee pay in income tax if they are paid a yearly salary of $65,000 and have an income tax of 15%.

Sara makes a deposit into a savings account to save money for college. She deposits $250 into an account that pays 7% annual simple interest, and keeps it there for 3 years. What is the principle?