PF Flashcard 4.1-4.4

Front

What is an inequality?

Back

An inequality is a mathematical statement that compares two expressions, showing that one is greater than, less than, or equal to the other.

Front

How do you represent a scenario where income must meet or exceed a certain amount using an inequality?

Back

You can represent this by using the 'greater than or equal to' symbol (≥). For example, if Lovely needs to earn at least $770, the inequality would be 11x + 35y ≥ 770.

Front

What does the 50/30/20 budgeting rule represent?

Back

The 50/30/20 budgeting rule suggests allocating 50% of income to needs, 30% to wants, and 20% to savings.

Front

How do you calculate the 'needs' portion of a budget using the 50/30/20 rule?

Back

To calculate the 'needs' portion, multiply the total income by 0.50. For example, if Carlito earns $950, his needs would be $950 x 0.50 = $475.

Front

What is the significance of a one-time expense in an inequality?

Back

A one-time expense reduces the total amount available for other expenses or earnings. It is subtracted from the total when forming the inequality.

Front

How do you represent maximum earnings in an inequality?

Back

Maximum earnings can be represented using the 'less than or equal to' symbol (≤). For example, if maximum earnings are $15 per hour, the inequality could be y ≤ 15x.

Front

What does the term 'budget' mean in financial terms?

Back

A budget is a plan that outlines expected income and expenses over a specific period, helping individuals manage their finances.

Front

How do you represent a budget constraint in an inequality?

Back

A budget constraint can be represented by an inequality that shows the total spending should not exceed the budget limit. For example, x + 15y ≤ 50.

Front

What is the difference between 'needs' and 'wants' in budgeting?

Back

'Needs' are essential expenses required for basic living (e.g., food, housing), while 'wants' are non-essential expenses that enhance quality of life (e.g., entertainment, luxury items).

Front

How do you express a scenario where earnings must be at least a certain amount?

Back

You express this using the 'greater than or equal to' symbol (≥). For example, if earnings must be at least $15 per hour, the inequality would be y ≥ 15x.