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Unit 4 - Fin Mgmt
Consumer Spending
Term | Definition |
---|---|
What is the best way to count money? | 1. Separate the bills and coins from highest to lowest. 2. Count them |
What is the best way to make change? | Start with the purchase price and count up to the given amount, first with coins then bills. |
What payment options do consumers have? | Cash and credit |
What types of cash are there? | 1. Currency (coins and bills) 2. Checks 3. Debit Cards |
What are the three types of purchases? | 1. Retail (in-person at a store) 2. Electronic (online purchases) 3. Vending Machines (snacks, RedBox, etc.) |
How do you find sales tax? | 1. Change the percent to a decimal 2. Multiply the decimal by the price 3. Add the amount to the price |
How do you find a sale price? | 1. Change the percent to a decimal 2. Multiply the decimal by the price 3. Subtract that amount from the original price |
How do you find a unit price? | Total Cost divided by Total Quantity |
What are the rules for making purchases? | 1. Plan Before You Shop 2. Comparison Shop 3. Use Incentives Wisely |