Question

topic 2 financial literacy: interest and budgets

1. maliks accounts:

• business loan: $200,000
• 403(b): $65,780
• vehicle loan: $65,900
• certificate of deposit: $30,000
• home: $230,000
• investments: $35,000

assets		liabilities
type	amount	type	amount
total:		total:

Explanation:

Step1: Identify Assets (items of value owned)

• 403(b): $65,780 (retirement savings, an asset)
• Certificate of deposit: $30,000 (savings, asset)
• Home: $230,000 (property, asset)
• Investments: $35,000 (investment, asset)

Sum assets: $65,780 + $30,000 + $230,000 + $35,000 = $360,780

Step2: Identify Liabilities (debts owed)

• Business loan: $200,000 (debt, liability)
• Vehicle loan: $65,900 (debt, liability)

Sum liabilities: $200,000 + $65,900 = $265,900

Step3: Fill the table

Assets - Type	Assets - Amount	Liabilities - Type	Liabilities - Amount
Certificate of Deposit	$30,000	Vehicle loan	$65,900
Home	$230,000
Investments	$35,000
Total:	$360,780	Total:	$265,900

Answer:

Assets Total: $360,780; Liabilities Total: $265,900 (and table filled as above)