Question

Anderson, who has a large family, is calculating his net worth. The following list is a collection of his Assets and Liabilities.

House: $467,000 Groceries: $1,100 Annual Bills: $24,000
Cell Phone Bill: $258 Car: $37,000 Gold Jewelry: $12,000
Investments: $52,000 Cell Phone: $650 Income: $70,000
What is Anderson's net worth?

Group of answer choices

$611,992

$576,158

$538,642

$613,292

Answer 1

Net worth = assets − liabilities.

Assets: House 467,000 + Car 37,000 + Gold 12,000 + Investments 52,000 + Cell Phone 650 + Income 70,000 = 638,650
Liabilities: Groceries 1,100 + Annual Bills 24,000 + Cell Phone Bill 258 = 25,358

Net worth = 638,650 − 25,358 = 613,292

Answer: $613,292