Financial Algebra - Final Exam Review

Front

What is the amount Gary must pay after his insurance covers part of the damage?

Back

$2,000

Front

How much does the Bayside Bugle charge for a 27-word automotive ad?

Back

$20.45

Front

What is the annual Social Security tax for an employee earning $48,000?

Back

$2,976.00

Front

What is the process of balancing your check register with the bank's statement called?

Back

Reconciling

Front

What is available credit?

Back

The difference between the maximum amount you can owe and the actual amount you owe on a credit card.

Front

What is the formula to calculate Social Security tax?

Back

Annual Income x 0.062 (6.2%)

Front

If a credit card has a limit of $5,000 and the current balance is $2,000, what is the available credit?

Back

$3,000

Front

What is the cost of an ad that charges $18 for the first 20 words and $0.35 for each additional word for a 30-word ad?

Back

$24.50

Front

What does it mean to reconcile a bank statement?

Back

To ensure that the bank's records match your own financial records.

Front

What is the maximum amount a credit card holder can owe at one time?

Back

Credit limit.