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Terms in this set (25)
What is another word for finance charge?
Interest
Credit is money that is ______ to you and you have to pay it back
Lent
_____ _____ could be "used up" before you can repay the amount that is owed
Consumable goods
_____ loans are better for large purchases
Installment
Generally installment loan interest rates are ____ than credit card interest rates
Lower
_____ salary is the amount of money you make before taxes are taken out
Gross
_____ _____ stay the same from month to month
Fixed expenses
Groceries, gas, clothing, etc. are ______ expenses
Variable
Account number's or what the check is for can be found on the ____ line
Memo
The check number can be found in the _____ _____ corner of the check
Top right
If Ned gets paid gross pay of $48,000 per year what is his gross monthly income?
$4,000.00
If Bill drives a UPS truck for 40 hours per week and he makes $10 per hour, how much will he make per week?
$400.00
Olivia gets paid $3 for every book she reads in a week. If she reads 15 books, how much will she make?
$45.00
A realtor earns 3% commission on every house she sells. If her total sales for this month equals $100,000 what is her commission?
$3,000.00
If your gross pay is $5,000 a month how much would you make per year?
$60,000.00
_____ power is the ability to spend money on what you "want"
Spending
Bank is short for _____ institution
Depository
Commercial, savings and loans associations, and credit unions are all examples of _____
Banks
What is it called when you get paid interest on what you deposit into the bank PLUS on the interest that has been added to your account?
Compound interest
____ refers to the readiness with which an item can be converted into cash without losing at least some of its value
Liquidity
A plan for spending and saving money based on a person's goals during a given time period
Budget
The entire amount of money a person owes to lenders
Debt
Any money a person spends or gives away
Expenses
The use of savings to earn a financial return
Investment
A sum of money given to an individual with the intent that is to be repaid at some future date along with any agreed upon interest
Loan
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Verified questions
question
Consider a country that imports steel and exports automobiles. The value per unit of cars exported is measured in units of thousands of dollars per car by the random variable X. The value per unit of steel imported is measured in units of thousands of dollars per ton of steel by the random variable Y. Suppose that the country annually exports 10 cars and imports 5 tons of steel. Compute the mean and variance of the trade balance, where the trade balance is the total dollars received for all cars exported minus the total dollars spent for all steel imported. The joint probability distribution for the prices of cars and steel is shown in the table. $$ \begin{array}{cccc} \hline & {\text { Price of Automobiles }(X)} \\ \text { Price of } & \$ 3 & \$ 4 & \$ 5 \\ \hline \text { Steel }(Y) & 0.10 & 0.15 & 0.05 \\ \hline \$ 4 & 0.10 & 0.20 & 0.10 \\ \$ 6 & 0.05 & 0.15 & 0.10 \\ \$ 8 & & \end{array} $$
question
Nimes Construction Co. is considering investing 1 155000 euros in new machinery. The annual net cash flows arising from the investment are 330000 euros. Calculate the project’s payback period.
algebra
Complete the following tables, which show the performance of two investments over a 5-year period. Round all figures to the nearest dollar. Ariel deposits $\$ 5000$ in an account that earns simple interest at an annual rate of $3 \%$. Travis deposits $\$ 5000$ in an account that earns compound interest at an annual rate of $3 \%$. | **Year** | **Ariel's Annual Interest** | **Ariel's Balance** | **Travis's Annual Interest** | **Travis's Balance** | | :---: | :---: | :---: | :---: | :---: | | $1$ | | | | | | $2$ | | | | | | $3$ | | | | | | $4$ | | | | | | $5$ | | | | |
economics
An article in the Economist argued that the real problem with health insurance is: The healthy people who decide not to buy insurance out of rational self-interest, and who turn out to be right. By not buying insurance, those (largely young) healthy people will be failing to subsidize the people insurance is meant for: the ones who end up getting sick. Why is the situation described here a problem for a system of health insurance? If it is a problem, suggest possible solutions.