Understanding Net Worth

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

$1,500

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?

$127,100-$88,500

Amala listed her assets and liabilities. Credit Card Balance Car(Paid in full) Jewelry Student Loan Savings Account Stocks $850 $2,200 $125 $2,500 $1,200 $1,500 What is the total of Amala's liabilities?

$3,350

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?

$88,700

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?

The difference between the assets and the liabilities will remain the same.

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

Carrie's Balance Sheet (January 2013)

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.

Health insurance, and rent will be listed in the liabilities column. Anna will need to find the total value of her jewelry and bank account. Anna will add the value of the assets and subtract the value of the liabilities.

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?

Julio is correct because the $45,000 equity in the house is the real asset.

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

The total of the assets is greater than the total of the liabilities.

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?

the money she owes her sister

Mr. Morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. He has a mortgage of $910 a month and pays $175 a month for utilities. Mr. Morgan owns a rental property for which he receives $680 per month.Which is a liability?

the mortgage

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?

the stamp collection, the bank account, and the skateboard

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?

the text books