Financial Math SPED

Front

What is an hourly rate?

Back

The amount of money you earn per hour.

Front

What is a checking account?

Back

An account that allows users to write checks and use a debit card against deposited funds.

Front

What is a bank loan?

Back

A loan consisting of principal (amount borrowed) plus interest (percentage to be paid on top of the loan amount), provided by a banking institution.

Front

How many times are you paid if you are paid monthly?

Back

12 times per year.

Front

What is overtime pay?

Back

Additional pay for hours worked beyond the regular work schedule.

Front

What is the principal in a loan?

Back

The original amount of money borrowed.

Front

What is interest in financial terms?

Back

The cost of borrowing money, usually expressed as a percentage of the principal.

Front

What is a savings account?

Back

An account that earns interest on the money deposited and is used for saving.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a certain limit.

Front

What does it mean to write a check?

Back

To create a document that instructs a bank to pay a specific amount from your account to another person or entity.