#1 Semester Review | Financial Math

Front

What is the unit price of a product?

Back

The unit price is the cost of a single item or unit of a product, calculated by dividing the total price by the number of units.

Tags

CCSS.6.RP.A.1

CCSS.6.RP.A.2

Front

How do you calculate the unit price?

Back

To calculate the unit price, divide the total cost by the number of items. For example, if a 5-pack of board games costs $36.35, the unit price is $36.35 ÷ 5 = $7.27.

Tags

CCSS.6.RP.A.1

CCSS.6.RP.A.2

Front

What is net income?

Back

Net income is the amount of money a person or business has after all deductions, such as taxes and expenses, have been taken out.

Tags

CCSS.7.RP.A.3

Front

How do you round a number to the nearest whole number?

Back

To round a number to the nearest whole number, look at the digit in the tenths place. If it is 5 or greater, round up; if it is less than 5, round down.

Tags

CCSS.5.NBT.A.4

Front

What is the formula for calculating profit?

Back

Profit = Total Revenue - Total Expenses.

Tags

CCSS.7.NS.A.3

Front

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period, helping individuals or organizations manage their finances.

Front

What is the difference between gross income and net income?

Back

Gross income is the total income earned before any deductions, while net income is the income remaining after all deductions have been made.

Front

What does it mean to invest?

Back

To invest means to allocate money or resources into an asset or venture with the expectation of generating a profit or income.

Front

What is interest in financial terms?

Back

Interest is the cost of borrowing money or the return on investment earned on savings, usually expressed as a percentage.

Tags

CCSS.7.RP.A.3

Front

What is a savings account?

Back

A savings account is a bank account that earns interest on the money deposited, allowing individuals to save for future needs.