ECONOMICS
MONEY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
$82, 000
|
|
|
$227, 000
|
|
|
-$63, 000
|
|
|
-$82, 000
|
Detailed explanation-1: -Therefore, if the Hamilton household has $145, 000 in assets and $63, 000 in liabilities, their net worth is equal to: Networth=$145, 000−$63, 000=$82, 000.
Detailed explanation-2: -A family with $45, 000 in assets and $22, 000 of liabilities would have a net worth of: $23, 000. An expense that would be included in the itemized deductions of a taxpayer is: real estate property taxes.
Detailed explanation-3: -To calculate your net worth, you subtract your total liabilities from your total assets. Total assets will include your investments, savings, cash deposits, and any equity that you have in a home, car, or other similar assets. Total liabilities would include any debt, such as student loans and credit card debt.
Detailed explanation-4: -A net worth statement is a financial tool that shows your financial position at a given point in time. It is like a “financial snapshot” that shows the dollar value of what you own (assets) and what you owe (liabilities or debts). This formula for calculating net worth is Assets – Liabilities = Net Worth.