What you own, what you owe, and net worth

Answer Key - Grade 7 Math Worksheet - Challenge Me

Circle the best answer, or write your answer on the line.

1. Read this first

   Use this

   Net worth record. Owns (assets): savings | $650; bike | $140; car | ?. Owes (liabilities): dentist | $90; phone | $130. Net worth | $4,370.

2. 1.

   Pia reads Ms. Hale's pretend net worth record. The net worth is $4,370. What is the value of the missing car?

   $3,800

3. Use this

   Net worth record. Owns (assets): savings | $1,250; furniture | $600; car | ?. Owes (liabilities): car | $2,100; electric bill | $140. Net worth | $3,810.

4. 2.

   Ren reads Mr. Cole's pretend net worth record. The net worth is $3,810. What is the value of the missing car?

   $4,200

5. Use this

   Net worth record. Owns (assets): savings | $2,200; a car | $4,000. Owes (liabilities): the car | $2,500; the electric company | $120.

6. 3.

   Esme reads Mr. Vance's pretend net worth record in the table. A payment of $500 from savings goes toward the car. What is the net worth afterward?

   $3,580

7. Use this

   Net worth record. Owns (assets): savings | $840; laptop | $480; bike | $190. Owes (liabilities): laptop | $150; dentist | $60.

8. 4.

   Luz reads Ms. Hale's pretend net worth record. Then the laptop, worth $480, loses 30% of its value. What is the net worth now?

   $1,156
9. 5.

   Mr. Cole owns $3,800 and owes $900. Ms. Frost owns $4,200 and owes $1,800. Pia compares the pretend records. How many more dollars is Mr. Cole's net worth?

   $500
10. 6.

    Ms. Shaw owns $6,300 and owes $1,700. Mr. Grove owns $7,100 and owes $3,600. Ren compares the pretend records. How many more dollars is Ms. Shaw's net worth?

    $1,100
11. 7.

    Mr. Cole owns $3,900 and owes $1,700. Ms. Frost owns $3,500 and owes $600. Zee compares the pretend records. Who has the greater net worth?

    • Mr. Cole.
    • Ms. Frost.
    • They are the same.
12. 8.

    Ms. Shaw owns $7,200 and owes $2,400. Mr. Grove owns $6,100 and owes $900. Ari compares the pretend records. Who has the greater net worth?

    • Mr. Grove.
    • Ms. Shaw.
    • They are the same.

13. Use this

    Net worth record. Owns (assets): savings | $350; a car | $3,200; furniture | $400. Owes (liabilities): the car | $4,100; the dentist | $100.

14. 9.

    Esme reads Mr. Cole's pretend net worth record. More is owed on the new car than it is worth. What is the net worth in dollars? Use a minus sign if it is below zero.

    -$250

15. Use this

    Net worth record. Owns (assets): savings | $800; a car | $4,600; a guitar | $300. Owes (liabilities): the car | $5,500; furniture | $900.

16. 10.

    Jun reads Mr. Dunn's pretend net worth record. More is owed on the new car than it is worth. What is the net worth in dollars? Use a minus sign if it is below zero.

    -$700