Math Computations
The formula I=Prt represents this
What is Simple Interest?
The type of banking account that allows you deposit, or withdraw money for daily transactions
What is a Checking Account?
The tax on the profits from the sale of assets
What is Capital Gain taxes?
The type of expense that a mortgage is
What is a Fixed Expense?
The income before taxes and deductions
What is Gross Income?
The equation A=P( 1 + r/n)nt represents this
What is Compound Interest?
The account that gains interest at a higher rate than other accounts, but can be withdrawn from with a limit of transactions
What is a Savings Account?
The tax on land that is owned
What is Property Tax?
The costs, or expenses, that change over time.
What is a Variable Expense?
The United States federal tax that funds Medicare and Social Security.
What is the Federal Insurance Contributions Act, or FICA?
The equation APR/12(previous balance-payments+purchases) represents this
What is a Finance Charge?
The most liquid type of account
What is a Certificate of Deposit?
This applies the same rate to every taxpayer regardless of income and allows no deductions or exemptions.
What is Flat Tax?
The type of expense that occurs irregularly such as medical bills, car repairs, home maintenance, etc
What are Intermittent Expenses?
The efficiency or ease with which an asset or security can be converted into cash.
What is Liquidity?
The equation,
(amount borrowed x r(1+r)t) / ((1+r)t-1)
represents this
What is Monthly Payment?
The type of account with features of both a savings and a checking account
What is a Money Market Account?
This rate increases or progresses as taxable income increases.
What is Progressive Tax?
The type of expense that non-essential purchases fall under
What are Discretionary Expenses?
The potential forgone profit from a missed opportunity, the result of choosing one alternative over another.
What is Opportunity Cost?
The finance charge over one month, given the following information:
APR = 43.2%
Previous Balance = $250
Payments = $105
Purchases = $150
What is $10.62?
The association that is best used for personal finances
What is a Credit Union?
The seven forms of income are subject to tax
What is Rental, Royalty, Earned, Profit, Interest, Dividend, and Capital Gains.
The type of expense that groceries most commonly fall under
What is a Variable Expense?
The rolling of multiple debts, typically high-interest debt such as credit card debt, into one payment.
What is Debt Consolidation?