FLASHCARD: Ch. 4.1 - 4.3 (Math for Finance)

Front

What does IQR stand for in statistics?

Back

IQR stands for Interquartile Range, which measures the spread of the middle 50% of a data set.

Front

How do you calculate the IQR?

Back

IQR is calculated by subtracting Q1 (the first quartile) from Q3 (the third quartile).

Front

What is a Box and Whisker Plot?

Back

A Box and Whisker Plot is a graphical representation of a data set that shows its minimum, first quartile (Q1), median (Q2), third quartile (Q3), and maximum.

Front

Why is it important to know the sales tax when purchasing a vehicle?

Back

Knowing the sales tax is important to calculate the total cost of the vehicle and determine the final price you pay.

Front

What is the formula to calculate the total cost of a vehicle including sales tax?

Back

Total Cost = Vehicle Price + (Vehicle Price x Sales Tax Rate) + Additional Fees.

Front

What are additional fees when buying a vehicle?

Back

Additional fees can include registration fees, title fees, dealer fees, and any other charges associated with the purchase.

Front

What is collision insurance?

Back

Collision insurance covers the cost of repairs to your vehicle after an accident, regardless of who is at fault.

Front

What is liability insurance?

Back

Liability insurance covers damages to another person's vehicle or property if you are at fault in an accident.

Front

What is comprehensive insurance?

Back

Comprehensive insurance covers damages to your vehicle not involving a collision, such as theft, vandalism, or natural disasters.

Front

What is the significance of Q3 in a Box and Whisker Plot?

Back

Q3, or the third quartile, represents the value below which 75% of the data falls.