Financial Literacy

Front

What is financial literacy?

Back

Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, typically calculated as a percentage of the total bill.

Front

How do you convert a percentage to a decimal?

Back

To convert a percentage to a decimal, move the decimal point two places to the left.

Front

What is sales tax?

Back

Sales tax is an amount of money charged by the government on items that people buy, usually calculated as a percentage of the purchase price.

Front

If a meal costs $50 and the tip is 15%, how much is the tip?

Back

The tip is $7.50 (calculated as $50 x 0.15).

Front

What is the total cost of an item if the price is $100 and the sales tax is 8%?

Back

The total cost is $108 (calculated as $100 + $8).

Front

What does it mean to budget?

Back

Budgeting means creating a plan for how to spend your money, ensuring that you can cover your expenses and save for future goals.

Front

What is a discount?

Back

A discount is a reduction in the price of an item, often expressed as a percentage off the original price.

Front

How do you calculate the total cost after applying a discount?

Back

To calculate the total cost after a discount, subtract the discount amount from the original price.

Front

What is the formula to calculate the tip amount?

Back

Tip amount = Total bill x Tip percentage.