Chapter 3 Recordkeeping

Chapter 3 Recordkeeping

Assessment

Flashcard

Mathematics

11th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is recordkeeping?

Back

Recordkeeping is a way for you to manage your money by keeping track of items you spend money on during a period of time.

2.

FLASHCARD QUESTION

Front

How do you calculate monthly expenses from annual expenses?

Back

To calculate monthly expenses from annual expenses, divide the total annual expenses by 12.

3.

FLASHCARD QUESTION

Front

What is a budget sheet?

Back

A budget sheet is a financial document that outlines expected income and expenses over a specific period.

4.

FLASHCARD QUESTION

Front

How do you find the average of a set of numbers?

Back

To find the average, sum all the numbers and divide by the count of numbers.

5.

FLASHCARD QUESTION

Front

If the Oscars' total annual expenses are $58,000, what is their monthly share?

Back

$4,833.33 (calculated as $58,000 / 12).

6.

FLASHCARD QUESTION

Front

What are fixed expenses?

Back

Fixed expenses are costs that do not change from month to month, such as rent or insurance.

7.

FLASHCARD QUESTION

Front

What are variable expenses?

Back

Variable expenses are costs that can fluctuate each month, such as groceries or entertainment.

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