Question: 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.
Answer: the stamp collection, the bank account, and the skateboard
Question: 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?
Answer: $88,700
Question: Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset is really only $45,000. Which statement explains whether Julio is correct?
Answer: Julio is correct because the $45,000 equity in the house is the real asset.
Question: 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 a has a laptop computer worth $950. She also has a meal plan at school for which she pays $250 per month.
Which is one of Lenora’s assets?
Answer: the text books
Question: Paige’s income statement for the month of December is shown.
What is Paige’s net income for December?
Answer: $950
Question: Aisha’s income statement for the month of June is shown.
Which expression will find Aisha’s net income for June?
Answer: $2,700 – $1,300
Question: Enzo’s balance sheet for the month of July is shown.
Which expression finds Enzo’s net worth?
Answer: $127,100 – $88,500
Question: Patrick has assets that total $9,500. His liabilities total $1,900. Which expression will find Patrick’s net worth?
Answer: $9,500 – $1,900
Question: Carrie is creating a personal balance sheet. She wrote a header for the balance sheet that shows the period her financial picture is for.
Which could be the header of Carrie’s balance sheet?
Answer: Carrie’s Balance Sheet (January 2013)
Question: Colin listed his assets and liabilities on a personal balance sheet.
Which statement is true about the total assets and the total liabilities?
Answer: The total of the assets is greater than the total of the liabilities.