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Cogito

Consumer Math · Chapter 8 · Lesson 3

Practice Worksheet

A Lifetime Financial Plan

Putting the whole course together.

12 problems · about 22 minutes · TEKS M.M.8.C

NameDate

Figure — use these to answer the problems

Assets against debts. Net worth is the gap between them, and the goal is for that gap to grow.
Assets250
Debts180
Assets in hundreds250
Debts in hundreds180
Figure 1

Warm Up

Straightforward practice. Get the method working first.

5 problems

  1. Assets $60000 and debts $45000. Net worth in dollars?

    Answer

  2. Why clear high interest debt before investing?

    • It is a guaranteed return equal to the interest rate.
    • Because debt feels bad.

  3. Assets $40000, debts $15000. Net worth in dollars?

    Answer

  4. Assets $8000, debts $30000. Net worth in dollars?

    Answer

  5. Clearing a 24% card is equivalent to what guaranteed return, in percent?

    Answer

Build It Up

The same ideas with more to keep track of.

3 problems

  1. Which comes first? 1 claiming the employer match, 2 investing extra.

    Answer

  2. Saving $500 a month for 24 months. Total in dollars?

    Answer

  3. How often should a plan be reviewed, in times per year?

    Answer

Stretch Yourself

Mixed problems. Work out what kind of question it is before you start.

4 problems

  1. Put the financial priorities in order.

    Write 1 to 4 in the boxes to put these in order.

    • Cover essential living costs.
    • Claim the full employer match.
    • Clear high interest debt.
    • Invest for the long term.

  2. Assets $12000, debts $12000. Net worth in dollars?

    Answer

  3. The Net Worth

    Assets $25000 and debts $18000. Net worth in dollars?

    Answerdollars

  4. The Negative

    Assets $5000 and debts $22000. Net worth in dollars?

    Answerdollars