Financial Math Final Exam

Front

What type of account is designed to hold money for a short time and help manage day-to-day expenses?

Back

Checking Account

Front

How much should Ken budget for needs each month if he earns a salary of $37,800 per year and follows a 50/30/20 budget?

Back

$1,575.00

Tags

CCSS.6.RP.A.3B

Front

What is the first step in budgeting?

Back

Examining cash flow

Front

What does an auto insurance policy protect?

Back

Other people on the road

Front

What is the term for the amount of money you will pay before your insurance company begins to pay for a covered expense?

Back

Deductible

Front

What is a Savings Account?

Back

A bank account that earns interest on the money deposited and is intended for saving rather than daily transactions.

Tags

CCSS.3.NF.A.1

CCSS.3.NF.A.2B

Front

What is a Premium in insurance?

Back

The amount you pay for your insurance policy, typically on a monthly or annual basis.

Tags

CCSS.7.RP.A.3

Front

What is the purpose of a Budget?

Back

To plan and track income and expenses to ensure financial stability.

Front

What does the term 'Net Income' refer to?

Back

The amount of money you have left after all deductions, such as taxes and other withholdings, from your gross income.

Tags

CCSS.7.RP.A.3

Front

What is the 50/30/20 budgeting rule?

Back

A guideline for budgeting where 50% of income goes to needs, 30% to wants, and 20% to savings.

Tags

CCSS.6.RP.A.3C