Teacher Answer Key - Home Page of the Cougars!

Budgeting The Unexpected / Net Worth 6
1) Read each statement and circle A, B or C based on whether your first line of defense against
the unexpected expense would be (A) savings, (B) insurance or (C) credit. You may decide there
is more than one answer.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Your car just died and you need to buy a new one . . . . . . . . . . . . . . . . . . . .
Your refrigerator needs repaired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
You have a serious illness and need to have surgery . . . . . . . . . . . . . . . . . .
You had a car wreck and you were at fault . . . . . . . . . . . . . . . . . . . . . . . . . .
Your TV quit working and you need to buy a new one . . . . . . . . . . . . . . . . .
Your home burned down . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
You have been laid off for two months and are looking for a new job . . . . .
Your apartment was robbed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The transmission in your old car went out . . . . . . . . . . . . . . . . . . . . . . . . . .
There has been a death in your family and you have to fly home . . . . . . . .
A B C
A B C
A B C
A B C
A B C
A B C
A B C
A B C
A B C
A B C
2) After each item, circle whether it is an asset or a liability.
1.
2.
Your checking account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Your car loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset Liability
Asset Liability
3.
A savings bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset
Liability
4.
Your income from work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset
Liability
5.
Taxes you owe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset Liability
6.
The equity in your home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset
Liability
7.
Life insurance cash value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset
Liability
8.
9.
Your credit card balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Your outstanding bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset Liability
Asset Liability
10.
Stocks and mutual funds you own . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset
Liability
Name: ____________________________________
Class: _______________________ Period: ____