Understanding Net Worth
A Grade 10 math worksheet focusing on calculating and understanding net worth, assets, and liabilities.
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Understanding Net Worth
Name:
Date:
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Read each question carefully and provide your answers in the space provided. Show all your work for calculations.
Net worth is a key indicator of your financial health. It is calculated by subtracting your total liabilities from your total assets.
Assets are things you own that have monetary value, such as savings, investments, property, and valuable possessions.
Liabilities are what you owe to others, including debts like loans, credit card balances, and mortgages.
1. Net worth is calculated by subtracting your total from your total .
2. A house you own is considered an , while a mortgage on that house is a .
3. If your assets are greater than your liabilities, you have a net worth.
4. Which of the following is NOT considered an asset?
Savings account balance
Student loan debt
Investment portfolio
Car (owned outright)
5. What happens to your net worth if your assets increase and your liabilities decrease?
Net worth decreases
Net worth increases
Net worth stays the same
Cannot be determined
6. Sarah has the following financial information:
Savings Account: $5,000
Student Loan: $15,000
Car Value: $12,000
Credit Card Debt: $2,500
Investments: $8,000
Calculate Sarah's total assets.
Calculate Sarah's total liabilities.
What is Sarah's net worth?
7. A high net worth always means a person has a lot of cash on hand.
True
False
8. Increasing your assets is the only way to improve your net worth.
True
False
9. Describe two different strategies a person could use to improve their net worth over time. Explain how each strategy impacts assets or liabilities.
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