Understanding Net Worth Answers

0 verified answers1 views
1
Free Preview

Brenda created this personal balance sheet. Brenda’s Balance Sheet AssetsLiabilitiesjewelry food wages health insurance commission rent bank account tips Total Total Brenda says her assets are definitely greater than her liabilities. Which explains whether Brenda is correct?

A
Brenda is correct because she has five assets and only three liabilities.
B
Brenda is correct because all the items should be in the assets column of the balance sheet.
C
Brenda is not correct because the total value of her assets could be less than the liabilities.
D
Brenda is not correct because she needs to list more liabilities.
2
Free Preview

Omar’s income statement for the month of October is shown. What is Omar’s net income for October?

Question illustration
A
$1,000
B
$1,500
C
$2,500
D
$3,500
3

Tricia listed her assets and liabilities. Credit Card BillCar LoanBondsPianoBank AccountBicycleWhich are Tricia’s liabilities? Select two choices..

A
credit card bill
B
car loan
C
bonds
D
piano
E
bank account
4

Keisha owns a house worth $275,000 with a mortgage of $195,000. She owns a car worth $12,000 and has $7,500 in car loans. She has $3,000 in investments, $2,700 in a bank account, and owes $1,500 on a credit card. What is Keisha’s net worth?

A
$88,700
B
$91,700
C
$292,700
D
$496,700
5

Rita does chores for her neighbors and makes $45 each weekend. She owes her sister $80. Rita has $178 in coins and a collection of baseball cards worth $475.Which is a liability?

A
the money she earns
B
the money she owes her sister
C
the coins
D
the collection of baseball cards
6

Brandon owes his brother $120. He has a stamp collection worth $1,250 and he has $300 in a bank account. He also has a skateboard worth $95.Which are Brandon’s assets?

A
the stamp collection only
B
the bank account only
C
the stamp collection and the bank account only
D
the stamp collection, the bank account, and the skateboard
7

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 has a laptop computer worth $950. She also has a meal plan at school for which she pays $250 per month.

A
the meal plan
B
the textbooks
C
the student loan
D
the tuition
8

Colin listed his assets and liabilities on a personal balance sheet. Colin’s Balance Sheet (August 2013)AssetsLiabilitiescash$1,500credit card$500stocks$800rent$800car$5,000car loan$1,200coin collection$1,200student loan$5,000Total Total Which statement is true about the total assets and the total liabilities?

A
The total of the assets and the liabilities are the same.
B
The total of the assets is greater than the total of the liabilities.
C
The total of the assets is less than the total of the liabilities.
D
The total of the assets cannot be compared to the total of the liabilities.
9

Anna is creating a personal balance sheet. She plans to list these items.Bank AccountJewelryHealth InsuranceRentWhich statements about the balance sheet are correct? Select three choices.

A
Health insurance, and rent will be listed in the liabilities column.
B
Anna will need to find the total value of her jewelry and bank account.
C
The period of the balance sheet will be one year.
D
Anna will add the value of the assets and subtract the value of the liabilities.
E
The items in the table will be listed in four columns.
10

Roberto listed his assets and liabilities on a personal balance sheet. Roberto’s Balance Sheet (September 2013)AssetsLiabilitiescash$1,800credit card$4,000investments$6,200personal loan$1,000house$150,000mortgage$100,000car$8,000car loan$5,000Total Total After creating the balance sheet, Roberto decided to use his investments to pay off his car loan. How will that decision affect the difference between his assets and liabilities?

A
It will make the assets $5,000 less than the liabilities.
B
It will make the assets $5,000 more than the liabilities.
C
The difference between the assets and the liabilities will remain the same.
D
The difference between the assets and the liabilities cannot be compared.

Did you find these answers helpful?

Understanding Net Worth Answers — MO-Personal…