Semester 1 Final (CCR Math)

Front

What is the original amount of money that is borrowed called?

Back

Loan amount or principal

Front

What is the primary benefit of a checking account?

Back

Provides access to money for everyday needs

Front

Which of the following is NOT a required deduction? (Social Security, Federal Taxes, Medicare, Retirement)

Back

Retirement

Front

Which card is more useful when you are short on cash in an emergency? (Debit card, Credit card, Both)

Back

Credit card

Front

What is a deduction?

Back

Money taken out of your income

Front

What does APR stand for?

Back

Annual Percentage Rate

Front

What is net income?

Back

The amount of money you take home after deductions.

Front

What is the purpose of a down payment?

Back

To reduce the amount borrowed on a loan.

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 is the function of Social Security deductions?

Back

To fund the Social Security program, which provides benefits to retirees and disabled individuals.