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7th grade Net Worth and Budgets Flashcards | StudBud
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7th grade Net Worth and Budgets
7th grade Net Worth and Budgets
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#net #worth #asset #liability #budget #7th #grade #financial #literacy #review
Flashcards
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Questions
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Answers
1
Felicia earns $800 a month. What percent of her income is spent on car payment and cell phone?
30%
20%
50%
40%
2
Which of the following is NOT an example of a liability?
Credit Card Debt
Motorcycle
Student Loans
Home Loan
3
A refrigerator is $525.50. There is a 6% sales tax rate. What is the sales tax?
$19.50
$25
$31.53
$35
4
What is the net worth?
- $16,550
$16,550
$11,750
- $11,750
5
A monthly budget is shown. Which equation can be used to determine the budget for one year?
y = 3,600 x 4
y = 3,600 ÷ 52
y = 3,600 ÷ 7
y = 3,600 x 12
6
What is a liability?
The debts you owe.
Things you want.
Things you own.
Things you need.
7
Felicia earns $800 a month. What percent of her income is spent on college savings?
25%
20%
15%
10%
8
What does it mean for someone to have positive net worth?
Assets are greater than liabilities.
Liabilities are greater than assets.
Liabilities and assets are equal.
Liabilities are equal to zero.
9
Which of the following is NOT an example of an asset?
Computer
Clothes
Phone bill
Guitar
10
What is the net worth?
$87,025
$20,525
$107,550
$128,075
11
What is an asset?
Things you own.
Things you want.
Things you need.
The debts you owe.
