#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.

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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.

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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.

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.

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What is the formula for calculating profit?

Back

Profit = Total Revenue - Total Expenses.

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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.

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What is the difference between gross income and net income?

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

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What does it mean to invest?

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

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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.

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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.