CM Fall 2024 Review #3 (Ch 2&3)

Front

What is the median of the following set of numbers: 7, 10, 12, 12, 14, 14, 18?

Back

12

Front

What type of expense is paying rent for an apartment?

Back

Non-discretionary expense

Front

What is net income?

Back

Net income is the income after taxes and other deductions are taken from your paycheck.

Front

What is a summary of all the income and outgo over a certain period of time called?

Back

Cash-flow statement

Front

What is the term for interest paid on the principal and interest previously earned?

Back

Compound interest

Front

How do you calculate the median of a data set?

Back

Arrange the numbers in order and find the middle value.

Front

What is a discretionary expense?

Back

An expense that is not essential and can be adjusted or eliminated.

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a certain period.

Front

What is simple interest?

Back

Interest calculated only on the principal amount.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant, while variable expenses can change.