Understanding Net Worth Answers

Carrie is creating a personal balance sheet. The heading includes the period of time that the balance sheet represents. Which could be the heading of Carrie’s balance sheet?

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.

Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset equity is really only $45,000. Which statement explains whether Julio is correct?

Enzo’s balance sheet for the month of July is shown. Enzo’s Balance Sheet (July 2013)AssetsLiabilitiescash$600credit card$4,000investments$500student loan$2,500house$120,000mortgage$80,000car$6,000car loan$2,000Total$127,100Total$88,500Which expression finds Enzo’s net worth?

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.

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?

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

Paige’s income statement for the month of December is shown. What is Paige’s net income for December?

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?

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?