The application I received asks for my income, assets and liabilities... Why is that necessary. I only find that being necessary if I am applying for a huge amount. Can't I just submit the application without this?

Boyd99 is right. If you don't answer all of the questions, the insurance company is not going to just forget about them.  They need your financial information to help determine how much insurance you can qualify for.  The more complete your application is when you send it in, the faster the whole process is likely to go.

The application that I got asks for Total Net Worth. I am not sure how to figure out what my net worth is. Can I just leave that off and provide my income only?

Well….I think if you wait for some more time… you can get a lot better suggestions that this…I am out of any ideas for this!!!!

Not only is it important for the insurance company to understand if you can afford the coverage today, and whether you are purchasing more than you really need, but that you can continue the coverage once it's purchased.
 
The life insurance policy won't be of use to you or your beneficiaries if you have to cancel it in the near future because you can't afford to continue paying the premiums.
 
Many times people cancel their life insurance policies because they can't afford the premiums or they need to cut back on their monthly expenses.

Thanks for nothing anthony333  .. you moron.