Unit 2 Review Controlling Expenses

Front

What is a check, in the context of finance?

Back

A check is a promissory note (I.O.U.).

Front

How do you calculate the total amount charged to your debit card after a purchase?

Back

Total charged = (Cost of items + Sales tax) - Cash given.

Tags

CCSS.6.RP.A.3D

Front

What is sales tax?

Back

Sales tax is a percentage added to the price of goods and services, collected by the seller.

Tags

CCSS.6.RP.A.3C

Front

What is a tip?

Back

A percentage you add to a bill for good service.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

What is the formula to calculate the total restaurant bill?

Back

Total bill = Item costs + Sales tax + Tip.

Tags

CCSS.6.RP.A.3C

Front

What is bartering?

Back

Bartering is the exchange of goods and services without using money.

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Front

What is the purpose of a budget?

Back

A budget helps track income and expenses to manage finances effectively.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a limit.

Front

What does it mean to reconcile a bank statement?

Back

Reconciling a bank statement means comparing your records with the bank's records to ensure accuracy.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

What is the importance of keeping receipts?

Back

Receipts provide proof of purchase and help track spending.