Taskcard Card Assignment #1 - #10

Front

What is a down payment?

Back

A down payment is an initial payment made when something is bought on credit, typically expressed as a percentage of the total purchase price.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate monthly net income?

Back

Monthly net income is calculated by taking the gross income and subtracting taxes and other deductions.

Tags

CCSS.6.RP.A.3B

Front

What is gross monthly income?

Back

Gross monthly income is the total income earned in a month before any deductions such as taxes, retirement contributions, or health insurance.

Tags

CCSS.7.RP.A.3

Front

What does 'None of these options' imply in a multiple-choice question?

Back

It indicates that none of the provided answers are correct or applicable to the question asked.

Tags

CCSS.RI.11-12.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.8.7

CCSS.RL.9-10.7

Front

What factors can affect the amount of a down payment?

Back

Factors include the total cost of the item, the lender's requirements, the buyer's financial situation, and the type of loan.

Front

Why is it important to know your monthly net income?

Back

Knowing your monthly net income helps in budgeting, determining affordability for expenses, and making informed financial decisions.

Front

What is the significance of budgeting in personal finance?

Back

Budgeting helps individuals track their income and expenses, ensuring they live within their means and save for future goals.

Front

How can one determine how much to spend based on a budget?

Back

To determine spending, one should assess their income, fixed expenses, variable expenses, and savings goals to allocate funds accordingly.

Tags

CCSS.7.NS.A.3

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant each month (e.g., rent), while variable expenses can fluctuate (e.g., groceries, entertainment).

Front

What role does financial planning play in achieving financial goals?

Back

Financial planning involves setting goals, creating a budget, and developing a strategy to manage finances effectively to achieve those goals.