PF - Unit 3 Test: Saving & Systems of Equations

Front

What does the intersection of two savings lines represent?

Back

The total amount both individuals have saved after a certain period.

Front

If Lucas has $500 and saves $150 per month, how long will it take him to reach $5000?

Back

30 months

Front

What does it mean to live paycheck-to-paycheck?

Back

Using the entire paycheck to cover monthly expenses with little to no savings.

Front

What is the best strategy to save for retirement in an IRA?

Back

Contribute the maximum amount per year and start saving when you are young.

Front

What is a key feature of savings accounts compared to checking accounts?

Back

Savings accounts often have transaction limits, while checking accounts typically do not.

Front

What is the formula to calculate total savings over time?

Back

Total Savings = Initial Amount + (Monthly Savings × Number of Months)

Front

What is the significance of the slope in a savings equation like y = mx + b?

Back

The slope (m) represents the rate of savings per time period.

Front

What does 'FDIC insured' mean for savings accounts?

Back

It means that the account is protected by the Federal Deposit Insurance Corporation up to a certain limit.

Front

How can you calculate the total amount saved after a certain number of weeks?

Back

Total Amount = Initial Savings + (Weekly Savings × Number of Weeks)

Front

What is the difference between a checking account and a savings account?

Back

Checking accounts are for daily transactions, while savings accounts are for accumulating savings.