Understanding Net Worth

Question 1

Which would be considered assets? Check all that apply.

Revolt · Accepted Answer

own a guitar; checking account; stocks and bonds; own a motorcycle

Question 2

Check all that you included in your response.

Revolt · Accepted Answer

No, she is not correct.

Question 3

Which would be considered liabilities? Check all that apply.

Revolt · Accepted Answer

motorcycle loan; car loan; credit card bill; mortgage

Question 4

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.

Revolt · Accepted Answer

No, she is not correct. She has 30,000 in home equity because 315,000 -285000 = 30,000

Question 5

What is Kevin’s net worth on May 31, 2013?

Revolt · Accepted Answer

$4,050

Question 6

Which of the following is not an example of income?

Revolt · Accepted Answer

food

Question 7

These are all examples of assets✔ expensesincomesavings.

Revolt · Accepted Answer

✔ expenses

Question 8

What is Kaycie’s net income?$

Revolt · Accepted Answer

1,195

Question 9

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?

Revolt · Accepted Answer

$96,850

Understanding Net Worth Answers

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