Asked by Pooja Attri on Jul 16, 2024
Verified
During 2016, Tony's assets equal $200,000 and his liabilities are $250,000. Tony's net worth is
A) -$50,000.
B) $50,000.
C) $300,000.
D) $550,000.
Net Worth
The total value of an individual's or organization's assets minus its liabilities, representing the financial health or value.
Assets
Valuable items, resources, or properties owned by an individual, corporation, or country, which have economic value and can be converted into cash.
Liabilities
Financial obligations or debts that a company owes to others, which are expected to be paid in the future.
- Acquire knowledge about the consequences of diverse taxes on economic selections and behaviors.
Verified Answer
AM
Arshya MittalJul 17, 2024
Final Answer :
A
Explanation :
Net worth is calculated as assets minus liabilities. Therefore, Tony's net worth is $200,000 - $250,000 = -$50,000.
Learning Objectives
- Acquire knowledge about the consequences of diverse taxes on economic selections and behaviors.