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fbla - intro to fin. math > everything for fin. math > Flashcards

everything for fin. math Flashcards

1
Q

credit limit

A

max you can borrow

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2
Q

amount financed

A

total amount borrowed - any down payment

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3
Q

histogram vs bar graph

A

bar graphs = categorial data (ex. types of fruits)
histogram = continuous data (ex. heights of people)

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4
Q

cash discount calculation

A
  1. multiply invoice amount by cash discount rate
  2. subtract from invoice amount if payment is made within discount period
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5
Q

min. payment

A

smallest payment you can pay each month

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6
Q

L to qt

A

1 L = 1 qt

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7
Q

simple average

A

used when each value has equal importance, calculated same as mean

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8
Q

upfront costs

A

purchase price, taxes, registration fees

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9
Q

compound interest

A

calculated on principal amount and accumulated interest

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10
Q

markdown

A

amount reduced from original price to lower selling price

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11
Q

mode

A

the value that appears more often in a set of data

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12
Q

ADB (average daily balance)

A

the balance averaged over the billing period

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13
Q

APR

A

total cost of borrowing annually including interest and fees

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14
Q

chain discount

A

multiple discounts applied in sequence

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15
Q

inch to cm

A

1 inch = 2.5 cm

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16
Q

principal amount

A

original amount of money borrowed/invested

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17
Q

finance charge formula

A

finance charge = principal * interest rate * time

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18
Q

markup formula

A

cost * markup rate

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19
Q

trade discount

A

a reduction off the list price for items

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20
Q

rate

A

percentage that is applied to base

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21
Q

depreciation

A

a value decreasing over time

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22
Q

three main types of averages

A

mean, median, mode

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23
Q

installment credit

A

allows to borrow a fixed amount and repay in set payments (auto loans)

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24
Q

median

A

middle number in a set of numbers that have been arranged in order

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25
Q

median formula

A

odd: number is in the middle
even: average of two middle numbers

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26
Q

base

A

original value or whole amount from which percentage is taken

27
Q

finance charge

A

cost of borrowing money or using credit (includes interest & other fees)

28
Q

installment price

A

total of all payments over the loan term

29
Q

oz to ml

A

1 oz = 30 ml

30
Q

chain discount calculation

A
  1. convert each discount to a decimal
  2. multiply the decimals in sequence with list price to get final price
31
Q

interest rate

A

cost of borrowing money, usually percentage of amount owed

32
Q

percentage formula

A

percentage = base * rate

33
Q

mean

A

average of a set of numbers

34
Q

sales tax formula

A

purchase price * tax rate

35
Q

kg to lbs

A

1 kg = 2.2 lbs

36
Q

mean formula

A

sum of all numbers/amount of numbers

37
Q

installment payment

A

divide the total cost by the number of payments

38
Q

accumulated interest

A

total amount of interested earned but not paid off

39
Q

consumer credit

A

any credit extended to individuals to buy goods and services, usually with the agreement to pay back with interest

40
Q

billing cycle

A

time period between bill statements

41
Q

simple interest formula

A

simple interest = principal * rate * time

42
Q

new balance formula

A

previous balance + new purchases - payments + finance charge

43
Q

revolving credit

A

flexible, borrow up to a limit but might pay high-interest rates

44
Q

base, rate, part formula

A

part = base * rate

45
Q

simple interest

A

calculated only on principal amount (original amount of money borrowed/invested)

46
Q

markup

A

amount added to original cost to determine selling price

47
Q

credit score

A

represents your creditworthiness based on credit history, 300-850

48
Q

mi to km

A

1 mi = 1.6 km

49
Q

credit report

A

detailed report of your credit history

50
Q

trade discount calculation

A
  1. multiply the list price by trade discount rate
  2. subtract from list price to find net selling price
51
Q

2/10, net 30

A

2% discount if paid in 10 days, otherwise full payment in 30 days

52
Q

cash discount

A

a discount for paying an invoice within a specified period, often used as incentive for early payment

53
Q

installment credit

A

fixed payments, lower interest rates and set repayment schedule

54
Q

20% of 50 is 10

A

base = 50
rate = 20%
percentage/part = 10

55
Q

ongoing costs

A

insurance, fuel, maintenance

56
Q

L to gal

A

1 L = 0.26 gal

57
Q

oz to g

A

1 oz = 28 g

58
Q

rate of change formula

A

rate = (change in value/original value) * 100%

59
Q

m to ft

A

1 m = 3 ft

60
Q

revolving credit

A

allows to borrow up to a certain limit and pay off balance at end of month

61
Q

markdown formula

A

original price * markdown rate

62
Q

percentage/part

A

result of applying rate to base

63
Q

weighted average

A

used when values have different importances, formula = (value * weight)/weights

64
Q

total purchase price with interest

A

principal + (principal * interest rate * time)

fbla - intro to fin. math (1 decks)

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