financial math 3/23

Front

What is a Debit Card?

Back

A debit card is a payment card that allows you to withdraw cash from your bank account or make electronic payments directly from your checking account.

Front

How do you calculate take-home pay?

Back

Take-home pay is calculated by subtracting taxes and other deductions from your gross pay. For example, if Jose's gross pay is $445.00 and deductions are $104.48, his take-home pay is $340.52.

Front

What is the typical length of a pay period?

Back

A pay period is the duration of time for which an employee's wages are calculated. Common lengths include one week, two weeks, or a month.

Front

What are some common reasons for absence from work?

Back

Common reasons for absence include personal health issues, family responsibilities, or emergencies, such as taking a child to the dentist.

Front

What are discretionary expenses?

Back

Discretionary expenses are non-essential expenses that can be adjusted or eliminated to save money, such as entertainment or luxury items.

Front

What is the purpose of budgeting?

Back

Budgeting helps individuals plan their finances by tracking income and expenses, ensuring they live within their means and save for future goals.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant each month (e.g., rent), while variable expenses can fluctuate (e.g., groceries, entertainment).

Front

How can you save money on discretionary spending?

Back

You can save money by cutting back on non-essential items, such as dining out, subscriptions, or impulse purchases.

Front

What is the importance of an emergency fund?

Back

An emergency fund is crucial for financial security, providing a safety net for unexpected expenses like medical bills or car repairs.

Front

What is a loan account?

Back

A loan account is a financial account that tracks the amount borrowed, interest rates, and repayment terms for loans taken out by an individual.