Financial Literacy Vocab
the amount of money that is needed to pay for or buy something
Expense
Annual percentage rate is the interest set to be paid back on a loan
APR
A graph that uses vertical or horizontal bars to display data.
Bar Graph
the sum of a set of data divided by the number of items in the data set: also called average.
Mean
an event consisting of only one outcome
Simple event
the act of selling something : the exchange of goods, services, or property for money
Sale
Quick but expensive loans that get fast money but extremely high interest.
Easy Access Loan
A graph that uses sectors of a circle to compare parts to the whole and parts to other parts.
Circle Graph
the middle number or the mean (average) of the two middle numbers in an ordered set of data.
Median
the chance that something will happen
Likelihood
Expenses that occur regularly that do not change that the consumer has control over (example: loans)
Fixed Expense
A visual display in which each piece of data is represented by a dot above ta number line.
Dot Plot
A graph that shows how data is distributed by using the median, quartiles, least value, and greatest value; also called a box-and-whisker plot.
Box Plot
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.
Mode
facts or information used usually to calculate, analyze, or plan something
Data
an amount of money that is paid back to you because you have paid too much
Rebate
Money that is paid to a person for goods, services, or investments.
Income
The median of the lower half of a set of data;also called first quartile.
Lower Quartile
A part of the population
Sample
an event made of two or more simple events
compound event
a continual increase in the price of goods and services
Inflation
to collect data for the analysis of a study of a group or area
Survey
The difference between the upper and lower quartiles of a data set.
Interquartile Range
all possible outcomes of an experiment
Sample space
the possibility that something will happen
Chance