2024 Math of Finance SEMESTER TEST Review

Front

What are grants?

Back

Free money that comes from a variety of sources; it does not have to be paid back.

Front

How do you calculate the new balance after writing a check?

Back

Subtract the amount of the check from the current balance.

Front

What is the intended purpose of a 401(k)?

Back

Invest money for retirement.

Front

What are the essential components of a check?

Back

Signature, Date, Amount written in words and numbers.

Front

If you have $546.24 and write a check for $100.35, what is your new balance?

Back

$445.89.

Front

What is the difference between a grant and a loan?

Back

A grant does not have to be repaid, while a loan must be repaid with interest.

Front

What is the purpose of a checking account?

Back

To manage daily transactions and keep funds accessible.

Front

What is the formula for calculating interest on a savings account?

Back

Interest = Principal x Rate x Time.

Front

What does it mean to reconcile a bank statement?

Back

To compare your records with the bank's records to ensure accuracy.

Front

What is the significance of a budget?

Back

A budget helps in planning and controlling financial resources.