Homework: Assets and Liabilities

NAME DATE PERIOD

Homework: Assets and Liabilities

1. Leroy’s net worth is $10,000.00. His assets are shown below. What is the total value of Leroy’s liabilities?
Assets
Item / Value ($)
cash / $2,500.00
jewelry / $1,000.00
savings / $12,000.00
/ 2. Tasha’s net worth is –$3,000.00. Her liabilities are shown below. What is the total value of Tasha’s assets?
Liabilities
Item / Value ($)
credit card debt / $5,000.00
car payoff / $1,400.00
student loan / $9,000.00
3. Larry made a list of his assets and liabilities and determined his net worth. He got a bonus at work and paid off his credit card debt and student loan. What is his net worth after he made these two payoffs?
Item / Value ($)
cash / 900.00
clothes / 700.00
jewelry / 1,000.00
savings / 6,500.00
credit card debt / 3,000.00
car payoff / 3,800.00
student loan / 2,500.00
motorcycle payoff / 1,300.00
/ 4. The table shows Destiny’s assets and liabilities. If Destiny’s net worth is $4,100.00, how much is her credit
card debt?
Item / Value ($)
cash/savings / 3,000.00
credit card debt / ?
car (paid off) / 2,900.00
clothes / 900.00
student loan / 800.00

Use the table below for Exercises 1–3.

The table shows some of Henry’s assets and liabilities. Create and organize a financial assets and liabilities record. Then construct Henry’s net worth statement.

Item / Value ($) / Item / Value ($) / Item / Value ($)
house (owned) / 86,000.00 / car loan / 19,000.00 / credit card debt / 4,000.00
cash / 900.00 / boat payoff / 16,000.00 / furniture (owned) / 600.00
savings / 1,400.00 / clothes / 800.00 / student loan / 9,000.00

1. Identify the assets and the liabilities. Create and organize a financial assets and liabilities record.

Assets / Value ($) / Liabilities / Value ($)

2. Determine the total value of the assets and the liabilities.

Assets:

Liabilities:

3. What is Henry’s net worth?

Course 2•Chapter 10 Personal Financial Literacy