financial math 3/23

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.

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.

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.

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

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

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

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

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

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

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