3.4 REVIEW: Equations, Budgets, & Net Worth

Front

What is an equation?

Back

An equation is a mathematical statement that asserts the equality of two expressions, typically containing variables and constants.

Front

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period, helping individuals or organizations manage their finances.

Front

What does net worth mean?

Back

Net worth is the total value of an individual's assets minus their liabilities, representing their financial position.

Front

How do you calculate net worth?

Back

Net worth = Total Assets - Total Liabilities.

Front

What is the value of Andrew's car?

Back

$5,500.

Front

If x + 4 = 0, what is the value of x?

Back

x = -4.

Front

What is the first step in solving the equation 2x + 3 = 7?

Back

Subtract 3 from both sides: 2x = 4.

Front

What is the final answer when solving 2.54 + 1.46?

Back

The final answer is 4.00.

Front

What does it mean to balance an equation?

Back

Balancing an equation means ensuring both sides of the equation have the same value by performing the same operation on both sides.

Front

What is the purpose of a financial budget?

Back

The purpose of a financial budget is to track income and expenses, helping to ensure that spending does not exceed income.