Assets and Liabilities Worksheet
A Grade 7 Social Studies worksheet exploring the concepts of assets and liabilities with real-world examples.
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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. An is something an individual or company owns that has economic value.
2. A is something an individual or company owes to others.
3. A house you own is typically considered an .
4. A car loan is an example of a .
1. Which of the following is an example of an asset?
Credit card debt
Student loan
Savings account balance
Mortgage payment
1. A liability always decreases your net worth.
True
False
1. Explain the difference between a current asset and a fixed asset. Give an example of each.
Match each item on the left with whether it is primarily an asset or a liability on the right.
1. A savings bond
a. Asset
2. A credit card balance
b. Liability
3. A car you own outright
a. Asset
4. A student loan
b. Liability