Taylor Has the Following Assets and Liabilities What Is the Value of Taylor's Assets?
A) $308,000
B)

question 18

Multiple Choice

Taylor has the following assets and liabilities: $$\begin{array} { l l r } \text { Two cars } & \$ 15,000 \\\text { House } & \$ 400,000 \\\text { Mortgage } & \$ 300,000 \\\text { Cash } & \$ 1,000 \\\text { Car loans } & \$ 5,000 \\\text { Checking account balance } & \$ 3,000 \\\text { Credit card balance } & \$ 3,000\end{array}$$ What is the value of Taylor's assets?

• A) $308,000
• B) $416,000
• C) $419,000
• D) $422,000

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Definitions:

Consumer Surplus

The difference between the maximum amount consumers are willing to pay for a good or service and the actual amount they do pay.

Tax Revenue

The wealth accumulated by governments through the process of taxation.

Consumer Surplus

Consumer surplus is the difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.

Tax Revenues

The income received by the government from taxes imposed on individuals and businesses, used to fund government activities and public services.