Financial Math 2025 - 1st Six Weeks Review

Front

An individual's expenses and outstanding debts are called...

Back

liabilities

Front

What is a person's total assets minus their total liabilities?

Back

Net worth

Front

Items of value owned by an individual

Back

Assets

Front

What is an effective strategy for personal saving?

Back

Creating a budget to put money into your savings first.

Front

What is the 50/30/20 rule?

Back

The 50/30/20 rule is a budgeting strategy that divides income into three categories: 50% for needs, 30% for wants, and 20% for savings.

Front

Example of net pay

Back

An employee's take-home salary after deductions.

Front

Some checking accounts require a person to do what?

Back

Make an opening deposit

Front

How much coverage does the FDIC provide to banks?

Back

$250,000 per depositor

Front

Direct Deposit

Back

A Direct Deposit is an electronic transfer of funds directly into a bank account.

Front

What type of financial institution gives loans for buying a home?

Back

Mortgage lender