Consumer Math Final Review

Front

What is a record of a person’s use of credit?

Back

Credit Report

Front

What type of account allows you to withdraw money, pay a bill, or make purchases easily?

Back

Checking Account

Front

What is the result of dividing $85,956 by 52?

Back

$1,653

Front

Credit Union Loans are...

Back

Owned by members and offered to members at a fair and reasonable rate of interest.

Front

If a delivery person is paid $0.50 per package delivered and they deliver 30 packages in a day, how much will they earn?

Back

$15.00

Front

What is the term for the amount of money you earn from your job before taxes?

Back

Gross Income

Front

What is the term for the amount of money you take home after taxes and deductions?

Back

Net Income

Front

What is the purpose of a budget?

Back

To plan and track income and expenses.

Front

What is an interest rate?

Back

The percentage of a loan or deposit that is paid as interest over a period of time.

Front

What is the difference between a fixed and variable interest rate?

Back

A fixed interest rate remains the same throughout the loan term, while a variable interest rate can change.