Understanding Net Worth
A worksheet for 8th graders to learn about and calculate net worth, including assets and liabilities.
Includes
Standards
Topics
Understanding Net Worth
Name:
Date:
Score:
Read each question carefully and follow the instructions to determine net worth, assets, and liabilities.
What is Net Worth?
Net worth is a measure of your financial health. It's calculated by subtracting what you owe (liabilities) from what you own (assets).
Formula: Assets - Liabilities = Net Worth
1. Net worth is calculated by subtracting from .
2. Things you own that have value are called .
3. Money you owe to others is known as .
For each item below, write 'Asset' or 'Liability'.
4. Your savings account balance:
5. A car loan:
6. The value of your house:
7. Credit card debt:
8. Sarah has the following financial items:
- Savings: $1,500
- Student Loan: $5,000
- Value of her laptop: $800
- Credit Card Balance: $300
- Cash: $200
Calculate Sarah's total assets, total liabilities, and net worth.
Total Assets:
Total Liabilities:
Net Worth:
9. A high net worth always means a person is rich.
True
False
10. Having more liabilities than assets results in a negative net worth.
True
False
11. Why is it important for individuals to know their net worth?
Financial institutions often play a role in managing assets and liabilities.
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