Question: Amala listed her assets and liabilities. What is the total of Amala's liabilities?$850$2,500$3,350$5,550

Answer: 3350

Question: Mr. Morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. He has a mortgage of $910 a month and pays $175 a month for utilities. Mr. Morgan owns a rental property for which he receives $680 per month.Which is a liability? the yearly salarythe commissionthe mortgagethe rental property

Answer: The mortgage

Question: Colin listed his assets and liabilities on a personal balance sheet. Which statement is true about the total assets and the total liabilities?The total of the assets and the liabilities are the same.The total of the assets is greater than the total of the liabilities.The total of the assets is less than the total of the liabilities.The total of the assets cannot be compared to the total of the liabilities.

Answer: The total of the assets is greater than the total of the liabilities.

Question: Brandon owes his brother $120. He has a stamp collection worth $1,250 and he has $300 in a bank account. He also has a skateboard worth $95.Which are Brandon's assets? the stamp collection onlythe bank account onlythe stamp collection and the bank account onlythe stamp collection, the bank account, and the skateboard

Answer: The stamp collection, the bank account, and the skateboard.

Question: Tricia listed her assets and liabilities. Credit Card BillCar LoanBondsPianoBank AccountBicycleWhich are Tricia's liabilities? Check all that apply.credit card billcar loanbondspianobank accountbicycle

Answer: Credit card billCar loan

Question: Brenda created this personal balance sheet. Brenda says her assets are definitely greater than her liabilities. Which explains whether Brenda is correct?Brenda is correct because she has five assets and only three liabilities.Brenda is correct because all the items should be in the assets column of the balance sheet.Brenda is not correct because the total value of her assets could be less than the liabilities.Brenda is not correct because she needs to list more liabilities.

Answer: Brenda is not correct because the total value of her assets could be less than the liabilities.

Question: Paige's income statement for the month of December is shown.What is Paige's net income for December?$900$950$1,850$2,750

Answer: 950

Question: Keisha owns a house worth $275,000 with a mortgage of $195,000. She owns a car worth $12,000 and has $7,500 in car loans. She has $3,000 in investments, $2,700 in a bank account, and owes $1,500 on a credit card. What is Keisha's net worth?$88,700$91,700$292,700$496,700

Answer: 88700

Question: Roberto listed his assets and liabilities on a personal balance sheet. After creating the balance sheet, Roberto decided to use his investments to pay off his car loan. How will that decision affect the difference between his assets and liabilities?It will make the assets $5,000 less than the liabilities.It will make the assets $5,000 more than the liabilities.The difference between the assets and the liabilities will remain the same.The difference between the assets and the liabilities cannot be compared.

Answer: The difference between the assets and the liabilities will remain the same.

Question: Dante listed his assets and liabilities on a personal balance sheet. Which statement is true about the value of Dante's assets and liabilities?He has $50,000 more in assets than in liabilities.He has $50,000 more in liabilities than in assets.He has $110,000 more in liabilities than in assets.He has $160,000 more in assets than in liabilities.

Answer: He has $50,000 more in assets than in liabilities.

Question: Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset is really only $45,000. Which statement explains whether Julio is correct?Julio is correct because the $45,000 equity in the house is the real asset.Julio is correct because he can pay $45,000 and have no more liabilities.Julio is not correct because the same item cannot represent both an asset and a liability.Julio is not correct because the house cannot be worth more than the mortgage.

Answer: Julio is correct because the $45,000 equity in the house is the real asset.

Question: Carrie is creating a personal balance sheet. The heading includes the period of time that the balance sheet represents.Which could be the header of Carrie's balance sheet?Carrie's Balance Sheet (January 2013)Carrie's Balance Sheet (January 2012 - January 2013)Carrie's Balance Sheet (January 2008 - January 2013)Carrie's Balance Sheet (Birth - January 2013)

Answer: Carrie's Balance Sheet (January 2013)

Question: Enzo's balance sheet for the month of July is shown.Which expression finds Enzo's net worth?$127,100 - $88,500$127,100 / $88,500$88,500 + $127,100$88,500 - $127,100

Answer: $127,100 - $88,500

Question: Anna is creating a personal balance sheet. She plans to list these items.Bank AccountJewelryHealth InsuranceRentWhich statements about the balance sheet are correct? Select three choices.Health insurance, and rent will be listed in the liabilities column.Anna will need to find the total value of her jewelry and bank account.The period of the balance sheet will be one year.Anna will subtract the value of the liabilities from the value of the assets.The items in the table will be listed in four columns.

Answer: Health insurance, and rent will be listed in the liabilities column.Anna will need to find the total value of her jewelry and bank account.Anna will subtract the value of the liabilities from the value of the assets.