Unit 3 Summary - Financial Algebra

Unit 3 Summary - Financial Algebra

Assessment

Flashcard

Mathematics

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 do we call the money that your money earns when in an account?

Back

Interest: The amount earned on an investment or deposit, typically expressed as a percentage of the principal.

2.

FLASHCARD QUESTION

Front

What is the term for the total amount of money in an account at any given time?

Back

Balance: The amount of money available in a financial account.

3.

FLASHCARD QUESTION

Front

What is the purpose of a bank statement?

Back

A bank statement is a summary of all transactions in a bank account over a specific period, showing deposits, withdrawals, and the ending balance.

4.

FLASHCARD QUESTION

Front

What is the shopping day after Thanksgiving called?

Back

Black Friday: The day following Thanksgiving in the United States, known for significant sales and shopping.

5.

FLASHCARD QUESTION

Front

What is a cashless society?

Back

A cashless society is an economic state where financial transactions are conducted through digital means rather than physical cash.

6.

FLASHCARD QUESTION

Front

How does consumer behavior change in a cashless society?

Back

Consumers are less aware of spending, as digital transactions can make it easier to lose track of expenditures.

7.

FLASHCARD QUESTION

Front

What is the formula for calculating simple interest?

Back

Simple Interest = Principal x Rate x Time.

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