2024 Math of Finance SEMESTER 1 TEST

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The impact of academic and financial choices on future life.

Back

The academic and financial choices made in the next few years can significantly affect the next 40 years of one's life.

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What are total monthly fixed expenses?

Back

Total monthly fixed expenses are the consistent, recurring costs that do not change from month to month, such as rent or mortgage payments.

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What is a scholarship?

Back

A scholarship is a type of financial aid primarily awarded for academic merit or specific skills, such as athletics or music, and does not have to be repaid.

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How to calculate the new balance after a deposit?

Back

New Balance = Previous Balance + Deposit Amount. For example, if the previous balance is $106.15 and a deposit of $75.00 is made, the new balance is $181.15.

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What is the purpose of a budget sheet?

Back

A budget sheet helps individuals track their income and expenses, allowing them to manage their finances effectively.

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What is the difference between a scholarship and a loan?

Back

A scholarship does not need to be repaid, while a loan must be repaid with interest after a certain period.

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What are fixed expenses?

Back

Fixed expenses are costs that remain constant over time, such as rent, insurance, and loan payments.

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How do you determine total monthly expenses?

Back

Total monthly expenses are calculated by adding all fixed and variable expenses incurred in a month.

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What is the significance of understanding financial choices?

Back

Understanding financial choices is crucial for making informed decisions that can lead to financial stability and success.

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What is a checking account?

Back

A checking account is a bank account that allows for deposits and withdrawals, typically used for daily transactions.