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Taylor Has the Following Assets and Liabilities What Is Taylor's Wealth?
A)$105,000
B)$107,000
C)$111,000
D)$419,000

question 121

Multiple Choice

Taylor has the following assets and liabilities:  
 Two cars $15,000 House $400,000 Mortgage $300,000 Cash $1,000 Car loars $5,000 Checkire accourtbalarce $3,000 Credit card balarce $3,000\begin{array} { l | r } \text { Two cars } & \$ 15,000 \\\text { House } & \$ 400,000 \\\text { Mortgage } & \$ 300,000 \\\hline \text { Cash } & \$ 1,000 \\\text { Car loars } & \$ 5,000 \\\hline \text { Checkire accourtbalarce } & \$ 3,000 \\\text { Credit card balarce } & \$ 3,000\end{array}  
What is Taylor's wealth?

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Definitions:

Medical Expense

Expenses related to diagnosing, curing, mitigating, treating, or preventing illnesses, as well as for therapies that impact any body part or its functions.

Wheelchair

A chair mounted on wheels designed for individuals who are unable to walk due to illness, injury, or disability.

Fair Market Value

The price at which an asset would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.

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An event causing severe damage or distress, officially declared a disaster by the federal government to make federal assistance available.

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