Unit 1 - Discretionary Expenses

Front

What is a discretionary expense?

Back

A discretionary expense is a non-essential expense that can be adjusted or eliminated, such as entertainment or luxury items.

Front

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

Back

To find the mean, add all the numbers together and then divide by the total count of the numbers.

Front

What is the mode in a set of numbers?

Back

The mode is the number that appears most frequently in a set of numbers.

Front

What does it mean to round a number to the nearest tenth?

Back

Rounding to the nearest tenth means adjusting the number to one decimal place, based on the value of the hundredths place.

Front

If the mean of a frequency distribution is 106.7, what does this represent?

Back

It represents the average value of the data set, calculated from the frequency distribution.

Front

What is the purpose of a frequency distribution?

Back

A frequency distribution organizes data to show how often each value occurs, helping to identify patterns.

Front

How do you calculate the total of a frequency distribution?

Back

Multiply each value by its frequency and then sum all the products.

Front

What is the significance of finding the mode in data analysis?

Back

Finding the mode helps identify the most common value in a data set, which can be useful for understanding trends.

Front

What is the difference between mean and median?

Back

The mean is the average of all values, while the median is the middle value when the data is ordered.

Front

How can rounding affect the mean of a data set?

Back

Rounding can change the values used in the calculation, potentially leading to a different mean.