Patrick has assets totaling $9,500 and liabilities totaling $1,900. Which expression finds Patrick's net worth?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $9.99Unlock all

Prepare for the Relating Income and Careers Test. Gain insights on income and career correlations with multiple-choice questions, hints, and explanations. Boost your exam readiness!

Multiple Choice

Patrick has assets totaling $9,500 and liabilities totaling $1,900. Which expression finds Patrick's net worth?

Explanation:
Net worth is what you own minus what you owe. So you subtract liabilities from assets. Patrick has assets of 9,500 and liabilities of 1,900, giving 9,500 − 1,900 = 7,600. This subtraction shows the remaining value after debts are paid. Adding them or subtracting in the opposite order would not reflect the true net worth.

Net worth is what you own minus what you owe. So you subtract liabilities from assets. Patrick has assets of 9,500 and liabilities of 1,900, giving 9,500 − 1,900 = 7,600. This subtraction shows the remaining value after debts are paid. Adding them or subtracting in the opposite order would not reflect the true net worth.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy