ALGEBRA WITH FINANCE QUESTIONS CORRECTLY
SOLVED
Consumer - CORRECT ANSWER✅✅✅A person or organization that uses a product or
service
Credit - CORRECT ANSWER✅✅✅The granting of a loan and the creation of debt; any
form of deferred payment
Debt - CORRECT ANSWER✅✅✅An obligation of repayment owed by one party [the
debtor/borrower\ to a second part[the creditor/lender]; in most cases this includes repayment of
the original loan amount plus interest
Economy - CORRECT ANSWER✅✅✅a system by which goods and services are produced
and distributed
Financial literacy - CORRECT ANSWER✅✅✅the knowledge and skillset necessary to be
an informed consumer and manage finances effectively
Interest - CORRECT ANSWER✅✅✅A fee paid by a borrower to the lender for the use of
borrowed money; typically interest is calculated as a percentage of the principal [original loan
amount]
Load - CORRECT ANSWER✅✅✅A debt evidenced by a "note," which specifies the
principal amount, interest rate and date of repayment
Personal finance - CORRECT ANSWER✅✅✅All of the decisions and activities of an
individual or family regarding their money, including spending, saving, budgeting, etc.
Compound Interest - CORRECT ANSWER✅✅✅Interest paid on interest previously earned;
credited daily, monthly, quarterly or semiannually
, Emergency fund - CORRECT ANSWER✅✅✅Five hundred dollars in readily available cash
to be used only in the event of an emergency; the goal of the First Foundation.
Interest rate - CORRECT ANSWER✅✅✅Percentage paid to a lender for the use of
borrowed money[in debt]; percentage earned on invested principal[in investing]
Five Foundations - CORRECT ANSWER✅✅✅The five steps to financial success
Sinking fund - CORRECT ANSWER✅✅✅Saving money over time for a large purchase
Budget - CORRECT ANSWER✅✅✅A written cash flow plan
Cash Flow Statement - CORRECT ANSWER✅✅✅A summary that shows total income and
spending for a given time period
Carbon Check - CORRECT ANSWER✅✅✅A copy of each check you write
Envelope System - CORRECT ANSWER✅✅✅Series of envelopes that are divided into
categories[food, entertainment, gas, etc.] and are used to store cash for planned monthly
expenses
Impulse Purchases - CORRECT ANSWER✅✅✅An item that is bought without previous
planning or consideration of the long-term effects
Overdraft - CORRECT ANSWER✅✅✅Occurs when money is withdrawn from a bank
account and that available balance goes below zero
Reconcile - CORRECT ANSWER✅✅✅To match your bank statement with your checkbook
SOLVED
Consumer - CORRECT ANSWER✅✅✅A person or organization that uses a product or
service
Credit - CORRECT ANSWER✅✅✅The granting of a loan and the creation of debt; any
form of deferred payment
Debt - CORRECT ANSWER✅✅✅An obligation of repayment owed by one party [the
debtor/borrower\ to a second part[the creditor/lender]; in most cases this includes repayment of
the original loan amount plus interest
Economy - CORRECT ANSWER✅✅✅a system by which goods and services are produced
and distributed
Financial literacy - CORRECT ANSWER✅✅✅the knowledge and skillset necessary to be
an informed consumer and manage finances effectively
Interest - CORRECT ANSWER✅✅✅A fee paid by a borrower to the lender for the use of
borrowed money; typically interest is calculated as a percentage of the principal [original loan
amount]
Load - CORRECT ANSWER✅✅✅A debt evidenced by a "note," which specifies the
principal amount, interest rate and date of repayment
Personal finance - CORRECT ANSWER✅✅✅All of the decisions and activities of an
individual or family regarding their money, including spending, saving, budgeting, etc.
Compound Interest - CORRECT ANSWER✅✅✅Interest paid on interest previously earned;
credited daily, monthly, quarterly or semiannually
, Emergency fund - CORRECT ANSWER✅✅✅Five hundred dollars in readily available cash
to be used only in the event of an emergency; the goal of the First Foundation.
Interest rate - CORRECT ANSWER✅✅✅Percentage paid to a lender for the use of
borrowed money[in debt]; percentage earned on invested principal[in investing]
Five Foundations - CORRECT ANSWER✅✅✅The five steps to financial success
Sinking fund - CORRECT ANSWER✅✅✅Saving money over time for a large purchase
Budget - CORRECT ANSWER✅✅✅A written cash flow plan
Cash Flow Statement - CORRECT ANSWER✅✅✅A summary that shows total income and
spending for a given time period
Carbon Check - CORRECT ANSWER✅✅✅A copy of each check you write
Envelope System - CORRECT ANSWER✅✅✅Series of envelopes that are divided into
categories[food, entertainment, gas, etc.] and are used to store cash for planned monthly
expenses
Impulse Purchases - CORRECT ANSWER✅✅✅An item that is bought without previous
planning or consideration of the long-term effects
Overdraft - CORRECT ANSWER✅✅✅Occurs when money is withdrawn from a bank
account and that available balance goes below zero
Reconcile - CORRECT ANSWER✅✅✅To match your bank statement with your checkbook
