Financial Literacy
what is a budget
A plan to help you reach your financial goals.
what is savings
Money that is not spent by a consumer currently, but is reserved for later use.
what is mean, median, and mode
mean - The sum of the items in a set of data divided by the number of items in the set; also called average.
median - The middle number, or the mean (average) of the two middle numbers, in an ordered set of data.
mode - The number or numbers that occur most frequently in a set of data; when all numbers occur with the same frequency, we say there is no mode.
what is chance
the possibility that something will happen
what is outcome
a possible result of a probability experiment
what is assest
A percent of the cost of an item, which is charged by governments to raise money.
what is liability
Money a person owes.
what is a circle graph
A graph that uses sectors of a circle to compare parts to the whole and parts to other parts.
what is likelihood
the chance that something will happen
what is complement
The set of all outcomes that is the desired event
what is sales tax
A percent of the cost of an item, which is charged by governments to raise money.
what is fixed, and variable expenses
Fixed - Expenses that occur regularly and stay the same.
Variable - Expenses that occur regularly but may change because the consumer has some control over the amount.
what is a bar graph
A graph that uses vertical or horizontal bars to display data.
what is a simple event
An event consisting of only 1 outcome
what is Frequency
The number of times a data value occurs
what is income
Money that is paid to a person for goods, services, or investments.
what is gross pay
An employee’s pay before any deductions are taken.
what is lower, and upper quartile range
Lower - The median of the lower half of a set of data.
Upper - The median of the upper half of a set of data.
what is sample space
All possible outcomes of an experiment.
Theoretical probability and experimental probability
Theoretical - The ratio of the number of equally likely outcomes in an event to the total number of possible outcomes.
Experimental - the ratio of the number of equally likely to the total numbers of trial, or times that activity is performed.
what is interest
The amount of money charged for borrowing or using money, or the amount of money earned by saving money.
what is a net worth
The difference between the monetary values of a consumer's assets and liabilities.
what is interquartile range
The difference between the upper and lower quartiles in a box-and-whisker plot.
what is probability
A number from 0-1 (or 0% - 100%) that describes how likely the event is going to occur.
what is experiment