Net worth
Quiz
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Mathematics
•
7th Grade
•
Practice Problem
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15 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the significance of knowing your net worth?
It helps you understand your financial position and make informed decisions about spending, saving, and investing.
It allows you to calculate your monthly expenses more accurately.
It provides a way to compare your wealth with others in your social circle.
It is only important for wealthy individuals.
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
How do you calculate net worth?
Net worth = Total Assets + Total Liabilities.
Net worth = Total Assets - Total Expenses.
Net worth = Total Assets - Total Liabilities.
Net worth = Total Income - Total Expenses.
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What are liabilities?
Financial assets owned by an individual or company.
Financial obligations or debts that an individual or company owes to others, such as loans and credit card debt.
Investments made by an individual or company to generate income.
Cash reserves held by an individual or company for future expenses.
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the net worth of someone with $15,000 in assets and $10,000 in liabilities?
$2,000
$3,000
$5,000
$10,000
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is net worth?
The total amount of money a person has in cash.
The difference between a person's total assets and total liabilities.
The total income a person earns in a year.
The value of a person's investments only.
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following is an example of an asset: savings, credit card debt, or student loan?
Savings
Credit card debt
Student loan
Mortgage
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If assets are $50,000 and liabilities are $30,000, what is the net worth?
$10,000
$15,000
$20,000
$25,000
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