Understanding Net Worth

Question 1

Vijay’s assets total:

Revolt · Accepted Answer

$274,500; $156,000; $118,500

Question 2

Vijay’s liabilities total:

Revolt · Accepted Answer

$156,000

Question 3

Vijay’s net worth is:

Revolt · Accepted Answer

$118,500

Question 4

Consider Adam’s income statement. Which shows how to calculate Adam’s net income?

Revolt · Accepted Answer

$3,100 - $1,310 = $1,790

Question 5

What is the total value of Jasper’s assets?

Revolt · Accepted Answer

$15,800; $4,400

Question 6

Which would you use to determine how much money you have left over to save each month?X balance sheet✔ income statementnet worth statementpaystub

Revolt · Accepted Answer

✔ income statement

Question 7

Which shows how to calculate Jasper’s net worth?

Revolt · Accepted Answer

$15,800 - $4,400 = $11,400

Question 8

Theresa owes $9,000 on her car loan. If the value of her car is $15,000, what is her equity in the car?$ ⇒ 6,000

Revolt · Accepted Answer

6,000

Question 9

Question 10

Revolt · Accepted Answer

$274,500; $156,000; $118,500

Question 10

What is the total value of Jasper’s liabilities?

Revolt · Accepted Answer

$4,400

Understanding Net Worth Answers