Personal Balance Sheet: Uses & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

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?

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1. Which of the following is a liability?

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?

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About This Quiz & Worksheet

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
  • Knowledge application - use your knowledge to answer questions about examples of liabilities

Additional Learning

Personal balance sheets are important to understand. Learn about these sheets even more by using the lesson called Personal Balance Sheet: Uses & Examples. Employ this lesson to complete these tasks:

  • Learn what personal balance sheets are used for
  • Determine what is included on a personal balance sheet
  • Review what assets and liabilities are
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