Quiz about TCMS: Final Vocabulary

Question 1

What is the difference between Rent and Lease?

Accepted Answer

The main difference is that rent is usually short-term and flexible, while a lease is a long-term commitment.

Answer

A lease can be terminated at any time without penalty.

Answer

Rent is always more expensive than a lease.

Answer

Rent agreements are legally binding for a year.

Question 2

You need to ride a bike twice a week for 5 weeks to get to your part-time job. You are deciding between buying your own bike and renting a bike. You can rent a bike for one day for $37. You can buy a bike for $315, but you will also need to buy a tire pump and some spare parts for $62.

How much will it cost you to rent a bike two times a week for 5 weeks? How much will it cost you to buy a new bike?

Accepted Answer

Renting a bike costs $370, while buying a bike costs $377.

Answer

Renting a bike costs $300, while buying a bike costs $500.

Answer

Renting a bike costs $200, while buying a bike costs $400.

Answer

Renting a bike costs $450, while buying a bike costs $300.

Question 3

What does Tuition refer to in the context of education?

Accepted Answer

Tuition is the fee paid for instruction at a school or university.

Answer

Tuition is a type of classroom furniture.

Answer

Tuition is a sports activity offered by schools.

Answer

Tuition is a holiday celebrated by students.

Question 4

What are Fees in the context of education or finance?

Accepted Answer

Fees are additional charges for services or activities beyond tuition.

Answer

Fees are the main source of government revenue.

Answer

Fees are a type of investment income.

Answer

Fees are scholarships given to students.

Question 5

What are Grants?

Accepted Answer

Grants are funds given by an organization, often the government, for a specific purpose that do not need to be repaid.

Answer

Grants are loans that must be repaid with interest.

Answer

Grants are taxes collected by the government for public services.

Answer

Grants are personal savings set aside for emergencies.

Question 6

What are Loans?

Accepted Answer

Loans are borrowed money that must be repaid with interest.

Answer

Loans are gifts that do not need to be returned.

Answer

Loans are money given without any conditions.

Answer

Loans are rewards for good behavior.

Question 7

What does Net cost mean?

Accepted Answer

Net cost is the final price after deductions.

Answer

Net cost is the price excluding taxes and fees.

Answer

Net cost refers to the initial price of a product.

Answer

Net cost is the total amount before any discounts.

Question 8

What are Subsidized Loans?

Accepted Answer

Subsidized loans are loans that have their interest paid by the government while the borrower is in school or during deferment.

Answer

Subsidized loans are loans that do not require any documentation or credit check.

Answer

Subsidized loans are loans with higher interest rates than unsubsidized loans.

Answer

Subsidized loans are loans that require immediate repayment after graduation.

Question 9

What are Unsubsidized Loans?

Accepted Answer

Unsubsidized loans are federal student loans where the borrower pays the interest from the time the loan is disbursed.

Answer

Unsubsidized loans are only available to graduate students.

Answer

Unsubsidized loans do not require repayment until after graduation.

Answer

Unsubsidized loans are provided by private lenders only.

Question 10

What is a Down payment when renting a car?

Accepted Answer

A down payment is an initial amount paid upfront when renting or buying a car.

Answer

A down payment is the monthly fee for car insurance.

Answer

A down payment is the total cost of renting a car for a year.

Answer

A down payment is a refundable deposit for fuel.

Question 11

If you have a full tank, how many stops can you make in an hour?

Accepted Answer

The number of stops depends on the distance between stops and the fuel efficiency of the vehicle.

Answer

You can make exactly 10 stops in an hour with a full tank.

Answer

A full tank allows for unlimited stops in an hour.

Answer

You can only make 1 stop in an hour with a full tank.

Question 12

What is Compound interest?

Accepted Answer

Compound interest is interest calculated on both the initial principal and the accumulated interest from previous periods.

Answer

Compound interest is interest calculated only on the initial principal.

Answer

Compound interest is the interest paid only at the end of the investment period.

Answer

Compound interest is the interest that decreases over time.

Question 13

What is the formula for compound interest?

Accepted Answer

$$A = P(1 + r/n)^{(nt)}$$

Answer

Answer

$$A = P(1 - r/n)^{(nt)}$$

Answer

A = P(1 + rt)

Question 14

In the compound interest formula, what does 'A' represent?

Accepted Answer

Final Amount

Answer

Annual Interest

Answer

Amount Invested

Answer

Accumulated Interest

Question 15

In the compound interest formula, what does 'P' represent?

Accepted Answer

P: Initial investment

Answer

P: Interest rate

Answer

P: Time period

Answer

P: Final amount

Question 16

In the compound interest formula, what does 'R' represent?

Accepted Answer

Rate of interest (R)

Answer

Amount of principal (P)

Answer

Time period (T)

Answer

Total interest earned (I)

Question 17

In the compound interest formula, what does 'N' represent?

Accepted Answer

N: Number of times interest is compounded per year

Answer

N: Number of years the money is invested

Answer

N: Nominal interest rate

Answer

N: Net present value

Question 18

In the compound interest formula, what does 'T' represent?

Accepted Answer

T: Number of years

Answer

T: Total interest earned

Answer

T: Principal amount

Answer

T: Rate of interest

Question 19

What is an Annual Fee?

Accepted Answer

An annual fee is a yearly charge for using a service, such as a credit card.

Answer

An annual fee is a one-time payment for purchasing a product.

Answer

An annual fee is a monthly charge for using a service.

Answer

An annual fee is a fee charged only when you close your account.

Question 20

What is the Annual Interest Rate (APR)?

Accepted Answer

The Annual Interest Rate (APR) is the annualized interest rate that reflects the total cost of borrowing.

Answer

The APR is a fee charged by banks for account maintenance.

Answer

APR is the total amount of money borrowed without any interest.

Answer

The APR is the monthly interest rate applied to loans.

Question 21

What is a Cash advance fee?

Accepted Answer

A cash advance fee is a charge for borrowing cash using a credit card.

Answer

A cash advance fee is a reward for timely credit card payments.

Answer

A cash advance fee is a discount on purchases made with a credit card.

Answer

A cash advance fee is a bonus for using a debit card.

Question 22

What is an Over the limit fee?

Accepted Answer

An over the limit fee is a charge for exceeding the credit limit on a credit card.

Answer

An over the limit fee is a reward for paying your balance early.

Answer

An over the limit fee is a discount on your next purchase.

Answer

An over the limit fee is a fee for making a late payment.

Question 23

What are Rewards in the context of credit cards?

Accepted Answer

Rewards are benefits or points earned for using a credit card, which can be redeemed for goods or services.

Answer

Rewards are penalties charged for late payments on a credit card.

Answer

Rewards are the interest rates applied to outstanding credit card balances.

Answer

Rewards are the annual fees charged for maintaining a credit card.

Question 24

What does it mean to Compound interest continuously?

Accepted Answer

Continuous compounding allows for interest to be calculated at every instant, maximizing the amount of interest earned or owed.

Answer

Interest is calculated only at the end of the year.

Answer

Compounding occurs at fixed intervals, such as monthly or quarterly.

Answer

Continuous compounding means no interest is earned.

Question 25

What is Annual Revenue?

Accepted Answer

The total income generated by a company in a year.

Answer

The total assets owned by a company.

Answer

The profit made by a company after expenses.

Answer

The amount of money spent by a company in a year.

Question 26

What is the difference between monthly, weekly, and yearly payments?

Accepted Answer

Monthly payments are made every month, weekly payments every week, and yearly payments once a year.

Answer

Monthly payments are made every week, weekly payments every month, and yearly payments once a day.

Answer

Monthly payments are made once a year, weekly payments every month, and yearly payments every week.

Answer

Monthly payments are made every day, weekly payments every year, and yearly payments every month.

Question 27

What is Profit/Loss in a business?

Accepted Answer

Profit is when revenue exceeds expenses; loss is when expenses exceed revenue.

Answer

Profit is when expenses exceed revenue; loss is when revenue exceeds expenses.

Answer

Profit and loss are the same and occur when revenue equals expenses.

Answer

Profit is only possible when there are no expenses at all.

Question 28

How can you determine the Best Deal when shopping?

Accepted Answer

By comparing prices, quality, and value for money among available options.

Answer

By always choosing the most expensive item.

Answer

By selecting the first product you see.

Answer

By buying only items on sale without checking quality.

Question 29

What factors should you consider when choosing a Cell Phone Plan?

Accepted Answer

Consider cost, data limits, coverage, and included features.

Answer

Only look at the phone's color and brand.

Answer

Choose the plan with the most advertisements.

Answer

Pick the first plan you see without comparing.

Question 30

What is the standard form of a quadratic function?

Accepted Answer

$$f(x) = ax^2 + bx + c$$

Answer

$$f(x) = a(x-h)^2 + k$$

Answer

$$f(x) = a(x+k)^2 + h$$

Answer

$$f(x) = ax^2 - bx + c$$

Question 31

Which of the following is an example of an exponential function?

Accepted Answer

$$f(x) = 2^x$$

Answer

$$f(x) = a(x-h)^2 + k$$

Answer

f(x) = a(x-p)(x-q)

Answer

f(x) = mx + b

Question 32

Which of the following is a linear function?

Accepted Answer

f(x) = mx + b

Answer

$$f(x) = a(x-h)^2 + k$$

Answer

f(x) = a(x-p)(x-q)

Answer

$$f(x) = 2^x$$

Question 33

Define 'Direct Variation' in mathematical terms.

Accepted Answer

A relationship where one variable is a constant multiple of another, usually written as y = kx.

Answer

A relationship where the sum of two variables is always zero.

Answer

A relationship where one variable is always greater than the other by a fixed amount.

Answer

A relationship where the product of two variables is always one.

Question 34

What is a 'one time charge' in business math?

Accepted Answer

A fee that is paid only once for a particular service or product.

Answer

A recurring monthly payment for a service.

Answer

A discount applied every year.

Answer

A tax that is paid annually.

Question 35

What does 'overhead' mean in the context of selling sunglasses?

Accepted Answer

Overhead refers to the ongoing business expenses not directly attributed to creating a product or service.

Answer

Overhead is the profit made from each pair of sunglasses sold.

Answer

Overhead means the total number of sunglasses in stock.

Answer

Overhead refers to the price at which sunglasses are sold to customers.

Question 36

What does 'break-even' mean in business?

Accepted Answer

Break-even is the point at which total revenue equals total costs, resulting in neither profit nor loss.

Answer

Break-even is the point at which a business makes its highest profit.

Answer

Break-even is when a business has no expenses at all.

Answer

Break-even is when a business only covers its variable costs.

Question 37

What is a 'Price-Demand Equation'?

Accepted Answer

A Price-Demand Equation shows the relationship between the price of a product and the quantity demanded.

Answer

A Price-Demand Equation shows the relationship between the cost of production and the profit earned.

Answer

A Price-Demand Equation shows the relationship between the supply of a product and the market share.

Answer

A Price-Demand Equation shows the relationship between the advertising budget and the sales revenue.

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics