Information for Question 1-5:

Your house is valued at $200,000. Your car is worth $20,000. Your checking account has $3,000. Your saving account has $6,000. The value of your 401(k) account is $20,500.

Your outstanding 15-year mortgage balance is $140,000. Your outstanding 4-year student loan balance is $30,000. Your outstanding 5-year auto loan balance is $10,000. Your outstanding credit card balance is $1,000. You also have a utilities bill of $200, a medical bill of $300, and a property tax bill of $2,000.

1. Whats the total value of your assets?

a. $249,500

b. $229,000

c. $246,500

d. $243,500

2. Whats the total value of your liabilities?

a. $183,300

b. $181,200

c. $183,500

d. $173,500

3. Whats the value of your net worth?

a. $66,000

b. $73,000

c. $47,800

d. $60,200

4. Which of your assets are generally considered liquid assets?

a. Checking & Saving Accounts

b. 401(k)

c. Car

d. House

5. Which of your liabilities are generally considered long-term liabilities

a. property tax bill

b. Credit card balance

c. Mortgage, auto loan, student loan

d Utilities bill and medical bill