Net Worth Answers

Which of the following modifications to the list of assets and liabilities below would result in an increase in net worth?Cash of $300.Car valued at $28,000.Car loan of $22,000.Motorcycle valued at $6,000.Savings of $2,000.Credit card balances of $4,000.Student loan of $10,000.

The rare coin collection your grandmother gave you is part of your liabilities.

Which of the following modifications to the list of assets and liabilities below would result in a negative net worth?House valued at $90,000.Mortgage owed $78,000.Car valued at $11,000.Car loan of $5,000.Student loan of $13,700.Stocks valued at $2,500.Savings of $3,000.

The amount of money invested in a retirement fund is an example of which of the following?

Mary took out a loan to buy a $30,000 boat but had $2,000 cash to put down.Which of the following is true?

Ben owns a townhome valued at $195,000, but still owes $120,000 on the loan. Ben has $5,000 in savings and a balance of $1,400 on his credit cards. There is a balance of $20,000 owed on Ben’s car which is valued at $38,000. What is Ben’s net worth?

The following table shows the assets and liabilities of the Smith family in 2005 and 2009.20052009home valued at $200,000home valued at $180,000mortgage of $30,000home equity loan of $18,000car valued at $25,000car valued at $18,000car loan of $8,000boat valued at $20,000 personal loan of $5,000Based on the table, which of the following is true?

When it goes on sale for $1,600, Mikah buys a new plasma television that is valued at $1,800. He takes $300 from his savings account to use as a down payment and finances the rest. Choose the true statement.

Over the period of a year, Sam’s net worth increased. Which of the following could be true?

You have a car that is valued at $12,000. The balance that you owe on the car loan is $7,000. You lose your job and can not afford to make payments on your loan so you sell the car for $9,000 and pay off the loan. Explain how your net worth is affected by your actions.