Unit 2 Review Controlling Expenses

Front

What is a good estimate of monthly expenses if the monthly mortgage is $1576, phone charges are $66.80, electric bill is $125.00, and groceries cost about $160/week?

Back

$2408.00

Front

How much more interest could you earn in a month by placing $2,500 in a savings account with an interest rate of 5.1% per month compared to an account with a rate of 4.4% per month?

Back

$17.50

Front

What are the required components to be included in a check?

Back

Date, Signature, Payee, Amount (Memo is not required).

Front

How much interest will you earn at the end of the month if you place $5,000 in a savings account with an interest rate of 4.25% per month?

Back

$212.50

Front

How is the total restaurant bill calculated?

Back

The total bill is calculated by adding the item costs, sales tax, and tip.

Front

What is the formula to calculate monthly expenses?

Back

Monthly Expenses = Mortgage + Phone Charges + Electric Bill + (Groceries per week * 4)

Front

Define 'interest rate'.

Back

The percentage of a sum of money charged for its use, typically expressed on an annual basis.

Front

What is the difference between simple interest and compound interest?

Back

Simple interest is calculated only on the principal amount, while compound interest is calculated on the principal and also on the accumulated interest.

Front

What does 'sales tax' refer to?

Back

A tax imposed on sales of goods and services, usually calculated as a percentage of the sale price.

Front

What is a 'tip' in the context of dining out?

Back

A gratuity given to service workers, typically calculated as a percentage of the total bill.