Chapter 1 Planning: Your Financial Future Begins Here 15 Copyright Goodheart-Willcox Co., Inc. May not be reproduced or posted to a publicly accessible website. Apply Your Math Skills Calculate the answers to the following problems. Show your calculations. 21. You own a laptop worth $500 and have $250 in a savings account. What are your total assets? ______________________________________________________________________________ ______________________________________________________________________________ 22. You need to pay $39.99 for your monthly cell phone bill. You also owe your friend $10. What are your total liabilities? ______________________________________________________________________________ ______________________________________________________________________________ 23. Use the amounts of total assets and total liabilities from the previous questions to calculate your net worth. ______________________________________________________________________________ ______________________________________________________________________________ 24. If your assets total $2,648 and your liabilities total $720, what is your net worth? ______________________________________________________________________________ ______________________________________________________________________________ 25. If your assets total $12,365 and your liabilities total $6,924, what is your net worth? ______________________________________________________________________________ ______________________________________________________________________________