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: 1. Keiquan is calculating his net worth. He has listed these items: $50 rare baseball card, $15 cash, $10 owed for lunch, $25 in savings account. Which is not an asset? (Points : 1)
baseball card
cash
lunch bill
savings account

2. These are Tommy's calculations for his net worth: Net Worth = $321 - $350 = -$29. What does the negative net worth mean? (Points : 1)
His liabilities are larger than his assets.
His assets are larger than his liabilities.
His assets and liabilities are the same.
His assets and liabilities do not affect each other.

3. The Thompson family made this table when finding their net worth. Use this table to answer questions 3-7.
AssetsValueLiabilitiesValue
Checking and Savings$2,378Auto Loan$4,502
Automobile$8,765Credit Cards$435
House Value$135,000Mortgage$51,208
Furniture, etc.$13,900Other Loans$1,234
Miniature Collection$238

What are the total assets?

(Points : 1)
$170,890
$160,281
$165,782
$167,345

4. What is the total of the Thompson's liabilities? (Points : 1)
$56,295
$58,285
$56,325
$57,379

5. What is the Thompson's net worth? (Points : 1)
$103,256
$108,902
$102,902
$104,586

6. The Thompsons needed to repair their home and took out a home equity loan for $5,000. What is their net worth now? (Points : 1)
$102,796
$97,902
$107,796
$100,296

7. In the original table for the Thompsons, how much of their net worth is readily available for use? (Points : 1)
$2378
$2616
$11,143
$12,345

8. Kyle's net worth is $500 and his liabilities are $459. What is the total of his assets? (Points : 1)
$41
$459
$959
$1059

9. Art's grandfather is on a fixed income. Which of the following is true? (Points : 1)
Inflation causes his purchasing power to go down.
Inflation causes his purchasing power to go up.
Inflation has no effect on his purchasing power.

10. Freaky Flakes cost $1.78 last year. This year a box costs $2.59. What is the inflation rate, to the nearest tenth percent? (Points : 1)
44.1%
45.5%
46.8%
47.3%

11. Amy, a senior, bought a car last year so that she could drive to school on the days when she needed to stay after class for practice. She spent $155 last year for gas. This year she spent $195. Disregarding other factors, what is the inflation rate? (Points : 1)
27.1%
25.2%
26.8%
25.8%

12. If your annual income from a part-time job is $2,698, and the inflation rate is 4 percent, what is the purchasing power of your income? (Points : 1)
$2498.03
$2428.03
$2590.08
$2678.01

13. Bart had an income of $45,670 last year. If the inflation rate is 4.5%, what is his purchasing power? (Points : 1)
$43,614.85
$43,924.95
$44,543.75
$44,998.15

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