Jasmine Smith Owns a Condo Worth $240,000, a Car Valued

question 22

Multiple Choice

Jasmine Smith owns a condo worth $240,000, a car valued at $25,000, and miscellaneous assets worth $7,500. She owes $185,000 on the condo and $15,000 on the car and has no other debts. Her retirement account, in which she is fully vested, contains $27,500 in mutual funds. She is insured with a $500,000 term life insurance policy. What is her net worth?

• A) $92,500
• B) $100,000
• C) $115,000
• D) $592,500
• E) $600,000

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Definitions:

Major Crop

A primary agricultural product that is widely grown and typically forms a significant part of a region's economy.

Slave Labor

Work done under force or threat, without proper remuneration or consent, by individuals considered as property.

Industrialization

The transformation from an agricultural-based economy to one dominated by industry and machine manufacturing, typically seen as a hallmark of economic development.

New York Shipping Companies

Businesses based in New York that specialize in the transportation of goods and cargo across water bodies, significant in the development of global trade.