What you own, what you owe, and net worth

Answer Key - Grade 7 Math Worksheet - Building Confidence

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

1. 1.

   Ari reads Ms. Hale's pretend net worth record. The savings account holds $450 that is owned. Which column of the record does it go in?

   • Assets (what is owned).
   • Neither.
   • Liabilities (what is owed).
2. 2.

   Bo reads Mr. Dunn's pretend net worth record. The amount owed on the car is $1,800 to be paid. Which column of the record does it go in?

   • Neither.
   • Liabilities (what is owed).
   • Assets (what is owned), as it is money.
3. 3.

   Jun reads Ms. Frost's pretend net worth record. The amount owed to the dentist is $90 to be paid. Which column of the record does it go in?

   • Assets (what is owned).
   • Neither.
   • Liabilities (what is owed).
4. 4.

   Luz reads Mr. Grove's pretend net worth record. The amount owed on a phone is $60 to be paid. Which column of the record does it go in?

   • Neither.
   • Liabilities (what is owed).
   • Assets (what is owned).

5. Read this first

   Net worth record, liabilities column

   Item	Amount
   car	$1,800
   dentist	$90
   phone	$60

6. 5.

   Noah reads Mr. Vance's pretend net worth record. What is the total of the liabilities column?

   $1,950

7. Net worth record, assets column

   Item	Amount
   car	$3,400
   savings	$600
   furniture	$450

8. 6.

   Pia reads Ms. Yates's pretend net worth record. What is the total of the assets column?

   $4,450

9. Net worth record, liabilities column

   Item	Amount
   furniture	$260
   phone	$75
   car	$1,400

10. 7.

    Zee reads Mr. Dunn's pretend net worth record. What is the total of the liabilities column?

    $1,735
11. 8.

    Total assets | $5,200; total liabilities | $1,950; net worth | ?. Bo reads Ms. Shaw's pretend net worth record. The total assets are $5,200 and the total liabilities are $1,950. What is the net worth?

    $3,250
12. 9.

    Total assets | $870; total liabilities | $240; net worth | ?. Esme reads Mr. Grove's pretend net worth record. The total assets are $870 and the total liabilities are $240. What is the net worth?

    $630
13. 10.

    Total assets | $3,900; total liabilities | $1,200; net worth | ?. Jun reads Ms. Wells's pretend net worth record. The total assets are $3,900 and the total liabilities are $1,200. What is the net worth?

    $2,700