Financial Algebra Final

Front

What is the formula to calculate weekly earnings with regular and overtime hours?

Back

Weekly Earnings = (Regular Hours x Hourly Rate) + (Overtime Hours x Hourly Rate x 1.5)

Front

How do you calculate overtime pay?

Back

Overtime Pay = Overtime Hours x Hourly Rate x 1.5

Front

What is the recommended frequency for paying a credit card bill?

Back

Monthly

Front

What is the deadline for filing taxes in the United States?

Back

April

Front

What is a good practice for building a positive credit history?

Back

Pay on time and as much of your balance as possible.

Front

What is the impact of paying only the minimum on a credit card?

Back

It can lead to high interest charges and prolonged debt.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant (e.g., rent), while variable expenses can change (e.g., groceries).

Front

What is the purpose of a budget?

Back

To plan and track income and expenses to manage finances effectively.

Front

What is the significance of an annual percentage rate (APR) on loans?

Back

APR represents the yearly cost of borrowing, including interest and fees.

Front

What is the concept of compound interest?

Back

Interest calculated on the initial principal and also on the accumulated interest from previous periods.