19
QuizMultiple Choice

Understanding Net Worth

Question 19 • Personal Finance - EL3403

Lenora is a college student with a student loan of $7,500. Her tuition is $3,200 per year. She owns $470 worth of text books and a has a laptop computer worth $950. She also has a meal plan at school for which she pays $250 per month.Which is one of Lenora’s assets?

Answer
A
the meal plan
B
the text books
C
the student loan
D
the tuition

Explanation

An asset is something Lenora owns that has value. Her textbooks are worth $470, so they are an asset. The meal plan and tuition are expenses, while the student loan is a debt she owes.

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