Understanding Assets and Liabilities
A Grade 6 social studies worksheet to help students understand the basic concepts of assets and liabilities and their importance in personal finance.
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Understanding Assets and Liabilities
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Read each question carefully and answer to the best of your ability. This worksheet will help you understand the difference between assets and liabilities.
1. Which of the following is considered an ASSET?
A car loan
Money in a savings account
Credit card debt
A mortgage on a house
2. Which of the following is considered a LIABILITY?
A valuable comic book collection
Money owed to a friend
A rare stamp
A bicycle you own
3. Something you own that has value is called an .
4. Money that you owe to someone else is called a .
5. A house that you own is an example of an .
6. A student loan is an example of a .
7. Your personal belongings like clothes and toys are generally considered assets.
True
False
8. If you borrow money from a bank, that borrowed money becomes your asset.
True
False
9. Explain in your own words the difference between an asset and a liability. Give one example of each.
10. Why is it important for people to understand their assets and liabilities?