1a. 
Edgar created the net worth statement shown.

 
Net Worth Statement
Assets	 
Checking account	$750
Automobile (current value)	$8,950
House (current value)	$92,500
Savings account	$1,350
Investments	$4000
Total Assets	$107,550	
Liabilities	 
Credit card debt	$3,800
Student loans	$15,570
Personal loans	$975
Total Liabilities	$20,345

Select the correct answers from the dropdown menus. 

Edgar’s net worth can be found by (Select)   the (Select)   from the (Select) 

Edgar's net worth can be found by **subtracting** the **total liabilities** from the **total assets**.

This is because net worth is calculated as:

\[
\text{Net Worth} = \text{Total Assets} - \text{Total Liabilities}
\]

For Edgar:
\[
\text{Net Worth} = 107,550 - 20,345 = 87,205
\]

Would you like more details on this? Here are some related questions:

1. What is the formula to calculate net worth?
2. How do assets and liabilities affect a person’s net worth?
3. What are some examples of assets and liabilities?
4. How does an increase in liabilities impact net worth?
5. Can investments be considered both assets and liabilities?

**Tip**: Always keep track of both assets and liabilities to have an accurate view of your financial health.

Edgar’s net worth can be found by (Select) the (Select) from the (Select).

Learn how to calculate Edgar's net worth by subtracting total liabilities from total assets. This problem includes real-life values for assets and liabilities, making it a practical example for students. The total assets are $107,550 and total liabilities are $20,345, giving Edgar a net worth of $87,205. Suitable for students in Grades 6-8.

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