Understanding Net Worth
A Grade 12 Math worksheet focusing on calculating and interpreting net worth, including assets, liabilities, and financial planning.
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Understanding Net Worth
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Read each question carefully and provide thoughtful answers. Show all your calculations where applicable.
Net worth is a key indicator of an individual's financial health. It is calculated by subtracting an individual's liabilities from their assets. Understanding and managing your net worth is crucial for long-term financial planning.
1. Net worth is calculated by subtracting from .
2. An item of value owned by an individual is called an .
3. Financial obligations or debts owed to others are known as .
4. Which of the following would be considered an asset?
Credit Card Debt
Student Loan
Savings Account
Mortgage
5. Sarah has a car worth $15,000, a savings account balance of $5,000, and investments totaling $10,000. Her outstanding student loan is $8,000, and she has credit card debt of $2,000. Calculate Sarah's net worth.
6. A positive net worth indicates that an individual's assets exceed their liabilities.
True
False
7. Depreciation of assets, such as a car, can decrease an individual's net worth over time.
True
False
8. Describe two strategies an individual can employ to increase their net worth.
9. Consider a scenario where an individual’s assets are $100,000 and liabilities are $40,000. Represent their net worth on a number line.
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