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TCMS: Final Vocabulary

Total questions: 44

Worksheet time: 30mins

Name
Class
Date
1.

What is the difference between Rent and Lease?

a)
A lease can be terminated at any time without penalty.
b)
Rent is always more expensive than a lease.
c)
The main difference is that rent is usually short-term and flexible, while a lease is a long-term commitment.
d)
Rent agreements are legally binding for a year.
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?

a)
Renting a bike costs $370, while buying a bike costs $377.
b)
Renting a bike costs $300, while buying a bike costs $500.
c)
Renting a bike costs $200, while buying a bike costs $400.
d)
Renting a bike costs $450, while buying a bike costs $300.
3.

What does Tuition refer to in the context of education?

a)

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

b)

Tuition is a type of classroom furniture.

c)

Tuition is a sports activity offered by schools.

d)

Tuition is a holiday celebrated by students.

4.

What are Fees in the context of education or finance?

a)

Fees are additional charges for services or activities beyond tuition.

b)

Fees are the main source of government revenue.

c)

Fees are a type of investment income.

d)

Fees are scholarships given to students.

5.

What are Grants?

a)

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

b)

Grants are loans that must be repaid with interest.

c)

Grants are taxes collected by the government for public services.

d)

Grants are personal savings set aside for emergencies.

6.

What are Loans?

a)

Loans are borrowed money that must be repaid with interest.

b)

Loans are gifts that do not need to be returned.

c)

Loans are money given without any conditions.

d)

Loans are rewards for good behavior.

7.

What does Net cost mean?

a)
Net cost is the price excluding taxes and fees.
b)
Net cost is the final price after deductions.
c)
Net cost refers to the initial price of a product.
d)
Net cost is the total amount before any discounts.
8.

What are Subsidized Loans?

a)
Subsidized loans are loans that do not require any documentation or credit check.
b)
Subsidized loans are loans with higher interest rates than unsubsidized loans.
c)
Subsidized loans are loans that have their interest paid by the government while the borrower is in school or during deferment.
d)
Subsidized loans are loans that require immediate repayment after graduation.
9.

What are Unsubsidized Loans?

a)
Unsubsidized loans are only available to graduate students.
b)
Unsubsidized loans do not require repayment until after graduation.
c)
Unsubsidized loans are provided by private lenders only.
d)
Unsubsidized loans are federal student loans where the borrower pays the interest from the time the loan is disbursed.
10.

What is a Down payment when renting a car?

a)

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

b)

A down payment is the monthly fee for car insurance.

c)

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

d)

A down payment is a refundable deposit for fuel.

11.

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

a)

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

b)

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

c)

A full tank allows for unlimited stops in an hour.

d)

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

12.

What are Investment rates?

4 lines
13.

What is Compound interest?

a)

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

b)

Compound interest is interest calculated only on the initial principal.

c)

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

d)

Compound interest is the interest that decreases over time.

14.

What is the formula for compound interest?

a)

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

b)

A = P + rt

c)

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

d)

A = P(1 + rt)

15.

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

a)

Final Amount

b)

Annual Interest

c)

Amount Invested

d)

Accumulated Interest

16.

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

a)

P: Initial investment

b)

P: Interest rate

c)

P: Time period

d)

P: Final amount

17.

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

a)
Amount of principal (P)
b)
Time period (T)
c)
Rate of interest (R)
d)
Total interest earned (I)
18.

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

a)

N: Number of times interest is compounded per year

b)

N: Number of years the money is invested

c)

N: Nominal interest rate

d)

N: Net present value

19.

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

a)

T: Number of years

b)

T: Total interest earned

c)

T: Principal amount

d)

T: Rate of interest

20.

What is an Annual Fee?

a)

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

b)

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

c)

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

d)

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

21.

What is the Annual Interest Rate (APR)?

a)
The Annual Interest Rate (APR) is the annualized interest rate that reflects the total cost of borrowing.
b)
The APR is a fee charged by banks for account maintenance.
c)
APR is the total amount of money borrowed without any interest.
d)
The APR is the monthly interest rate applied to loans.
22.

What is a Cash advance fee?

a)

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

b)

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

c)

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

d)

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

23.

What is an Over the limit fee?

a)

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

b)

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

c)

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

d)

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

24.

What are Rewards in the context of credit cards?

a)

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

b)

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

c)

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

d)

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

25.

What does it mean to Compound interest continuously?

a)
Interest is calculated only at the end of the year.
b)
Compounding occurs at fixed intervals, such as monthly or quarterly.
c)
Continuous compounding means no interest is earned.
d)
Continuous compounding allows for interest to be calculated at every instant, maximizing the amount of interest earned or owed.
26.

What is Annual Revenue?

a)
The total assets owned by a company.
b)
The profit made by a company after expenses.
c)
The amount of money spent by a company in a year.
d)
The total income generated by a company in a year.
27.

What is Annual Profit?

4 lines
28.

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

a)

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

b)

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

c)

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

d)

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

29.

What is Profit/Loss in a business?

a)

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

b)

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

c)

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

d)

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

30.

How can you determine the Best Deal when shopping?

a)

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

b)

By always choosing the most expensive item.

c)

By selecting the first product you see.

d)

By buying only items on sale without checking quality.

31.

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

a)

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

b)

Only look at the phone's color and brand.

c)

Choose the plan with the most advertisements.

d)

Pick the first plan you see without comparing.

32.

What is the standard form of a quadratic function?

a)

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

b)

f(x)=ax2+bx+cf(x) = ax^2 + bx + c

c)

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

d)

f(x)=ax2bx+cf(x) = ax^2 - bx + c

33.

What is the factored form of a quadratic function?

a)
f(x) = a(x + r1)(x + r2)
b)
f(x) = a(x - r1)(x - r2)
c)
f(x) = ax^2 + bx + c
d)
f(x) = a(x - r1 + r2)
34.

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

a)

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

b)

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

c)

f(x)=2xf(x) = 2^x

d)

f(x) = mx + b

35.

Which of the following is a linear function?

a)

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

b)

f(x) = mx + b

c)

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

d)

f(x)=2xf(x) = 2^x

36.

Define 'Direct Variation' in mathematical terms.

a)

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

b)

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

c)

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

d)

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

37.

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

a)

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

b)

A recurring monthly payment for a service.

c)

A discount applied every year.

d)

A tax that is paid annually.

38.

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

a)

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

b)

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

c)

Overhead means the total number of sunglasses in stock.

d)

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

39.

What is a 'commission' in sales?

4 lines
40.

What does 'break-even' mean in business?

a)

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

b)

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

c)

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

d)

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

41.

What is the formula for revenue?

a)

Revenue = p × x, where p is price and x is quantity sold.

b)

Revenue = p + x, where p is price and x is quantity sold.

c)

Revenue = p / x, where p is price and x is quantity sold.

d)

Revenue = p - x, where p is price and x is quantity sold.

42.

What is a 'Price-Demand Equation'?

a)

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

b)

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

c)

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

d)

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

43.

What is a quadratic function?

a)

A function that can be written in the form f(x)=ax2+bx+cf(x) = ax^2 + bx + c , where a ≠ 0.

b)

A function that can be written in the form f(x) = ax + b, where a ≠ 0.

c)

A function that can be written in the form f(x)=ax3+bx2+cx+df(x) = ax^3 + bx^2 + cx + d , where a ≠ 0.

d)

A function that can be written in the form f(x) = a/x, where a ≠ 0.

44.

What is the difference between linear and quadratic functions?

a)

Linear functions have the form f(x) =mx+b and graph as straight lines, while quadratic functions have the form f(x) =ax^2 +bx+c and graph as parabolas.

b)

Linear functions and quadratic functions both graph as straight lines, but have different equations.

c)

Linear functions and quadratic functions both have the form f(x) = mx + b, but quadratic functions have a different slope.