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- 1. Multiple Choice
Property owned by an individual
Liability
Asset
Property
Net Worth
- 2. Multiple Choice
The value of all assets minus the value of all liabilities.
Financial obligations
Assets
Net Worth
Property
- 3. Multiple Choice
Debts and financial obligations (responsibilities).
Liabilities
Assets
Negative Net Worth
Property
- 4. Multiple Choice
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
- 5. Multiple Choice
Positive Net Worth is defined as:
assets are less that liabilities
liabilities are greater than assets
assets are equal to liabilities
assets are greater than liabilities
- 6. Multiple Choice
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
- 7. Multiple Choice
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
- 8. Multiple Choice
Zero net worth is defined as:
Assets are greater than liabilities
Assets are less than liabilities
Assets are equal to liabilities
None of the above
- 9. Multiple Choice
Net Worth if equal to:
Liabilities added to assets
Assets minus liabilities
Assets added to liabilities
- 10. Multiple ChoiceWhich of the following is considered an asset?Bank LoanMortgageDebit CardSavings account
- 11. Multiple ChoiceWhich of the following is considered a liability?Savings AccountMortgageSavings bondCoin Collection
- 12. Multiple ChoiceSusie has assets worth $87,000 and a net worth of $32,000. What is the amount of her liabilities?$119,000$45,000$55,000$32,000
- 13. Multiple Choice
The table below shows Claude's assets and liabilities. What is the total value of his assets?$24,950$25,420-$24,950$50,370 - 14. Multiple ChoiceThe table below shows Claude's assets and liabilities. What is the total value of his liabilities?$24,950-$24,520$25,420$50,370
- 15. Multiple Choice
The table below shows Claude's assets and liabilities. What is his net worth?
$24,950
$-25,420
-$24,950
$25,420
- 16. Multiple ChoiceCharlie'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
- 17. Multiple Choice
Abby lives in a home worth $115,000. She has a loan of $98,000 and has a credit card balance of $2,300. She has a car that is worth 5,800. She also has a checking account with a balance of $900 and $300 in gift cards. What is Abby's net worth?
127,200
105,500
232,700
21,700
- 18. Multiple ChoiceNomar's net worth is $15,354. Which of the following is true?He has a positive net worth which means his assets are greater than his liabilities.He has a negative net worth which means his liabilities are greater than his assets.He has a positive 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.
- 19. Multiple ChoiceIsadora rents an apartment for $1,000 a month and has a year's lease. She owns a car that is worth $14,700. She has a savings account of $4,750 and a credit card balance of $825. What is her net worth?$19,450-$16,320$17,625$1,825
- 20. Multiple Choice
Jane's total assets are $8,794. Her liabilities are $2,670 in credit card debt and $3,622 for a student loan. What is her net worth?
$6,124
$15,086
-$4,328
$2,502
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