# Personal Balance Sheet: Uses & Examples

Instructions:

question 1 of 3

### Emma is calculating her assets. She has \$10,000 in her checking account, a car worth \$25,000, a credit card with \$5,000 available credit, and a limited edition, autographed James Taylor guitar worth \$6,000. She calculates her total assets at \$46,000. Why is she wrong?

Start Your Free Trial To Take This Quiz

As a member, you'll also get unlimited access to over 75,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

It only takes a few minutes to set up and you can cancel at any time.

### 2. Imagine you have assets that equal \$225,000 and liabilities that equal \$185,000. The difference is a positive \$40,000. What is that \$40,000 called and what does it represent?

Start your free trial to access this entire page
Quizzes, practice exams & worksheets
Certificate of Completion
Create an account to get started

Go through these educational materials to find out what personal balance sheets are used for. Complete a quiz at the end to gauge your knowledge of these sheets.

## Quiz & Worksheet Goals

Using these assessments, check your knowledge of:

• Examples of an asset
• Examples of a liability
• Information that is provided on a balance sheet

## Skills Practiced

Practice these skills by using these assessment tools:

• Reading comprehension - ensure that you draw the most important information from the related lesson on personal balance sheets
• Information recall - access the knowledge you have gained about what assets are