Net Worth: Personal Assets & Liabilities


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question 1 of 3

Which of the following is the best formula to calculate net worth?

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1. Which financial statement is used to find assets, liabilities, and net worth?

2. Janie's completing a personal balance sheet and is trying to determine the type of liability for her mortgage loan. What type is it?

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About This Quiz & Worksheet

This resource combination will sharpen your mind by asking you questions on topics like how to calculate net worth and negative net worth, different financial statement types, and balance sheet structure.

Quiz & Worksheet Goals

To state it more specifically, just be prepared to demonstrate your knowledge of:

  • The formulas for calculating net worth and negative net worth
  • A financial statement that includes assets, liabilities, and net worth
  • Where to include a mortgage loan balance on a personal balance sheet
  • Why cash is the first item on a balance sheet

Skills Practiced

  • Information recall - access the knowledge you've gained regarding finances
  • Critical thinking - apply relevant concepts to examine information about your net worth in a different light
  • Distinguishing differences - compare and contrast topics from the lesson, such as net worth and negative net worth

Additional Learning

You have the chance to learn more about net worth with the related lesson, Net Worth: Personal Assets & Liabilities. This lesson will refer to vital subjects such as:

  • Assets
  • Liabilities
  • The application of net worth
  • The significance of balance sheets
  • Liquidity