3
QuizMultiple Choice

Understanding Net Worth

Question 3 • Personal Finance - EL3403

Amala listed her assets and liabilities. Credit Card BalanceCar(Paid in full)JewelryStudent LoanSavings AccountStocks$850$2,200$125$2,500$1,200$1,500What is the total of Amala’s liabilities?

Answer
A
$850
B
$2,500
C
$3,350
D
$5,550

Explanation

Liabilities are debts Amala still owes. Her credit card balance is $850 and her student loan is $2,500, so her total liabilities are $850 + $2,500 = $3,350. The car is paid in full, so it is not a liability.

AI-written and checked against the verified answer.

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