Your Financial Record: Assets, Liabilities, and Net Worth

Name: _________________________ Date: _________________________

Part 1: My Assets (What I Own That Has Value)

Think about things you own that have value, like money you have saved, things you could sell, or things that belong to you. Estimate their value.

Total Assets: Add up all your estimated values.

Total Assets = $_________________________

Part 2: My Liabilities (What I Owe)

Think about any money you owe to someone else, like money you borrowed and haven't paid back yet.

Total Liabilities: Add up all the amounts you owe.

Total Liabilities = $_________________________

Part 3: My Net Worth Statement

Now, let's put it all together to find your Net Worth!

Net Worth = Total Assets - Total Liabilities

Calculation:

Total Assets: $_________________________

Minus Total Liabilities: $_________________________

Your Net Worth: $_________________________

Reflection

1. What is one new thing you learned about your own financial situation by completing this worksheet?
   
   
   
   
   
   
   

2. Why do you think it is important to know your net worth?
   
   
   
   
   
   
   

Financial Record Worksheet: Answer Key

This answer key provides guidance for grading the Financial Record Worksheet. Student answers will vary significantly as they are personal financial records. Focus on the student's understanding of the concepts and their ability to correctly categorize and calculate.

Part 1: My Assets (What I Own That Has Value)

• Objective: Students should list items they own that have monetary value and assign a reasonable estimated value.

• Acceptable Responses: Examples include money in savings, valuable toys/collections, electronics, bikes, musical instruments, gifts of money, etc. The estimated value should be a positive number.

• Grading Focus: Check for at least 3-5 distinct assets. Ensure the values are realistic for a 6th grader.

  Thought Process Example:

  1. Item: Savings in bank account
     Reasoning: Money saved is a direct asset.
     Value: $75
  2. Item: Video game console (could be sold)
     Reasoning: Electronics hold value and can be resold.
     Value: $150
  3. Item: Comic book collection
     Reasoning: Collections, if valued, can be assets.
     Value: $30

  Total Assets: Sum of all listed asset values.

Part 2: My Liabilities (What I Owe)

• Objective: Students should list any money they currently owe to others.

• Acceptable Responses: Examples include money borrowed from friends/family, library fines, an IOU for a snack, a small payment plan (e.g., paying parents back for an item). The amount owed should be a positive number.

• Grading Focus: Check for at least 1-3 distinct liabilities. Ensure the amounts are realistic.

  Thought Process Example:

  1. Item: Owe sister for movie ticket
     Reasoning: Money borrowed creates a liability.
     Value: $10
  2. Item: Library fine
     Reasoning: Outstanding fees are debts.
     Value: $2

  Total Liabilities: Sum of all listed liability amounts.

Part 3: My Net Worth Statement

• Objective: Students should correctly apply the formula: Net Worth = Total Assets - Total Liabilities.

• Grading Focus: Ensure the calculation is accurate based on the student's own provided totals for assets and liabilities.

  Calculation Example (using the examples above):

  • Total Assets: $75 + $150 + $30 = $255
  • Total Liabilities: $10 + $2 = $12
  • Net Worth: $255 - $12 = $243

Reflection

1. What is one new thing you learned about your own financial situation by completing this worksheet?

   • Grading Focus: Look for genuine reflection. Students might mention being surprised by how much they own, realizing they owe more than they thought, or understanding the difference between assets and liabilities in a personal context.
   • Example Answer: "I learned that even my old video games count as assets because I could sell them! I also realized I owe my brother more money than I thought."

2. Why do you think it is important to know your net worth?

   • Grading Focus: Students should demonstrate an understanding of the purpose of tracking net worth. Answers should relate to financial awareness, planning, or goal setting.
   • Example Answer: "It's important because it helps you see if you have more things than you owe, and it helps you think about saving more or paying off what you owe."}