Which would be considered assets? Check all that apply.
Which would be considered liabilities? Check all that apply.
Julie bought a house for $315,000 and has a $285,000 mortgage. She claims she has $315,000 in equity. Is she correct? If not, how much home equity does she have? Explain.
No, she is not correct. She has only $30,000 in home equity. Equity is the value of ownership in an asset minus any debts owed on it. $315,000 minus $285,000 is $30,000.
Check all that you included in your response.
What is Kevin’s net worth on May 31, 2013?
Which of the following is not an example of income?
These are all examples of assets✔ expensesincomesavings.
What is Kaycie’s net income?$
1,195
Lana owns a house worth $325,000 and has a mortgage of $245,000. She owns a guitar worth $750. She also owns a car worth $15,000 and has $9,000 in car loans. She has $8,000 in stock investments and $2,100 in a savings account. What is Lana’s net worth?
Why is it a good idea to know your net worth? Explain how you can use an income statement, personal balance sheet, and net worth statement with regard to your personal finances.
Knowing your net worth helps you track your financial progress and understand your overall financial position. Use an income statement to organize monthly income and expenses, a personal balance sheet to organize assets and liabilities each month, and an annual net worth statement to organize your finances each year.
Check all that you included in your response.
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