Step 5: to calculate your net worth. Determine whether your net worth is a surplus (positive number) or a deficit (negative number). Figure 7.4 Drawing up a Statement of Net Worth Activity 7.4 Alliyah has asked you to help her calculate her net worth. She has made a list of all the things in her room. Use this list to draw her Statement of Net Worth. up Alliyah's stuff Item (12) Bed Jacket MP3 player CDs Lamp Nike shoes Value R500 R1 000 R200 R200 R150 R500 R200 R1 000 Cellphone Computer Remember, a person's net worth can change daily depending on what that person does with his or her money. To keep with changes in your net worth, you can use a spreadsheet. up When you do a Statement of Net Worth, there are always two entries for each change. If Alliyah pays R50 for a CD, her bank balance will decrease by R50, and so will her net worth. Expenses decrease net worth. Income increases net worth.
Step 5: to calculate your net worth. Determine whether your net worth is a surplus (positive number) or a deficit (negative number). Figure 7.4 Drawing up a Statement of Net Worth Activity 7.4 Alliyah has asked you to help her calculate her net worth. She has made a list of all the things in her room. Use this list to draw her Statement of Net Worth. up Alliyah's stuff Item (12) Bed Jacket MP3 player CDs Lamp Nike shoes Value R500 R1 000 R200 R200 R150 R500 R200 R1 000 Cellphone Computer Remember, a person's net worth can change daily depending on what that person does with his or her money. To keep with changes in your net worth, you can use a spreadsheet. up When you do a Statement of Net Worth, there are always two entries for each change. If Alliyah pays R50 for a CD, her bank balance will decrease by R50, and so will her net worth. Expenses decrease net worth. Income increases net worth.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question

Transcribed Image Text:Step 5:
to calculate your net worth.
Determine whether your net worth is a surplus (positive number) or a
deficit (negative number).
Figure 7.4 Drawing up a Statement of Net Worth
Activity 7.4
Alliyah has asked you to help her calculate her net worth. She
has made a list of all the things in her room. Use this list to draw
her Statement of Net Worth.
up
Alliyah's stuff
Item
(12)
Bed
Jacket
MP3 player
CDs
Lamp
Nike shoes
Value
R500
R1 000
R200
R200
R150
R500
R200
R1 000
Cellphone
Computer
Remember, a person's net worth can change daily depending on
what that person does with his or her money. To keep with
changes in your net worth, you can use a spreadsheet.
up
When you do a Statement of Net Worth, there are always
two entries for each change. If Alliyah pays R50 for a CD, her
bank balance will decrease by R50, and so will her net worth.
Expenses decrease net worth. Income increases net worth.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Recommended textbooks for you


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON

Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning

Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education