Unit 1 Review: Money and Spending

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What is the exchange rate?

Back

The exchange rate is the value of one currency for the purpose of conversion to another. For example, 1 USD = 0.96 Euros.

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How do you convert Euros to US dollars?

Back

To convert Euros to US dollars, divide the amount in Euros by the exchange rate. For example, 128 Euros / 0.96 = 133.33 USD.

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What does 'bartering' mean in finance?

Back

Bartering is the exchange of one good for another without using money.

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What is negotiating in the context of trade?

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Negotiating is the process of discussing terms and reaching an agreement, such as exchanging goods.

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How do you calculate a sale price after a discount?

Back

To calculate the sale price, subtract the discount amount from the original price. For example, $60 - ($60 * 0.25) = $45.

Front

What is a coupon in retail?

Back

A coupon is a voucher that provides a discount on a purchase.

Front

How do you calculate the savings from a coupon?

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To calculate savings from a coupon, multiply the original price by the discount percentage. For example, $240 * 0.20 = $48.

Front

What is the formula for calculating percentage off?

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Percentage off = (Discount Amount / Original Price) * 100.

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What is the significance of understanding exchange rates?

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Understanding exchange rates is crucial for making informed financial decisions when traveling or trading internationally.

Front

What is the difference between importing and exporting?

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Importing is bringing goods into a country, while exporting is sending goods out of a country.