Buying A Car
an upfront payment you make towards the total cost of a car when you're financing the purchase.
Downpayment
This is the money a bank pays you for keeping your money in an account.
What is interest?
This is your total pay before taxes and other deductions are taken out.
What is gross pay?
What factor of production refers to the natural resources used to produce goods and services?
What is Land?
Convert 50% to a decimal.
What is 0.5?
This type of insurance protects your own car if it is damaged in an accident, regardless of who is at fault.
Collision Insurance
This type of interest is calculated only on the original amount of money.
What is simple interest?
This is the money you actually take home after deductions are taken from your paycheck.
What is net pay?
What factor of production refers to the human effort, skills, and work used in production?
What is Labor?
Convert 0.75 to a fraction.
What is ¾?
What is the amount of money borrowed for a car loan called?
Principal
This type of interest lets you earn interest on both your original money and interest you already earned.
What is compound interest?
This tax form shows your earnings and taxes withheld during the year.
What is a W-2?
What factor includes equipment, technology, tools, and facilities used to produce goods?
What is Capital?
Convert ⅜ to a decimal.
What is 0.375?
A car costs $12,000. Using the class formula (Price × 1.0065) + $21 + $50 - $1,400 down payment, this is the loan amount.
$10,749
In compound interest, doing this more often can increase the amount of money you earn.
What is compounding more frequently?
Income you receive from working at a job is called this.
What is earned income?
What factor involves organizing resources, making decisions, taking risks, and creating a business opportunity?
What is Entrepreneurship?
Find 25% of 80.
What is 20?
A higher credit score can help you quality for this, which can lower your monthly payment and total cost of the loan.
Lower Interest Rate
This type of account usually keeps your money for an agreed amount of time and may charge a penalty if you withdraw it early.
What is a Certificate of Deposit (CD)?
This is the standard IRS form individuals use to file their federal income taxes.
What is Form 1040?
What would most likely happen to production if a company suddenly had no equipment or machinery?
What is production would become slower, more expensive, and less efficient?
A $120 jacket is 35% off. What is the sale price?
What is $78?