CM Fall2024 Midterm Review (The Whole Enchilada)

Front

What is the term for the amount an individual occasionally receives from gifts, odd jobs, and so on?

Back

Irregular income

Front

Back

Front

If ground beef costs $5.50 per pound, how much would it cost to buy 3 pounds?

Back

$16.50

Front

What is an example of an intermittent expense?

Back

New tires

Front

Define fixed income.

Back

A fixed income is a type of income that does not change over time, such as a salary or pension.

Front

What is gross income?

Back

Gross income is the total income earned before any deductions or taxes.

Front

What is net income?

Back

Net income is the amount of money left after all deductions, taxes, and expenses have been subtracted from gross income.

Front

What is the formula to calculate total cost?

Back

Total Cost = Price per unit × Quantity purchased.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant each month, while variable expenses can change.

Front

What is the term for regular payments made for services or rent?

Back

Fixed expenses.