AnswersKapuschinskyWCA 3424 Consumer Applications 1st nine weeks 26-27Net WorthQuestion 15
15
QuizMultiple Choice

Net Worth

Question 15 • (Kapuschinsky)WCA 3424 Consumer Applications 1st nine weeks 26-27

The Worthingtons love to travel, so when they retired they sold their house and purchased a motor home valued at $165,000. They tow their car, valued at $32,000 behind their motor home when they travel. The Worthingtons have medical bills totaling $1,300 and a balance of $3,000 on credit cards. Since they invested for retirement, the Worthingtons have $200,000 in investments and an additional $20,000 in their savings account. What is the Worthingtons’ net worth?

Answer
A
$411,700
B
$412,700
C
$413,700
D
$414,700

Explanation

Net worth is total assets minus total liabilities. The Worthingtons’ assets total $417,000: $165,000 + $32,000 + $200,000 + $20,000. Their liabilities total $4,300: $1,300 in medical bills + $3,000 in credit-card debt. Subtracting gives $417,000 − $4,300 = $412,700, so the correct choice is $412,700.

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