Basic Math Concepts and Problem Solving
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Questions and Answers

Which type of credit allows for a set amount of money to be borrowed and repaid in fixed installments over a period of time?

  • Installment credit (correct)
  • Annual percentage rate credit
  • Simple interest credit
  • Revolving credit
  • What is the best method to calculate the estimated Annual Percentage Rate (APR)?

  • Referring to the purchase agreement
  • Reading through customer reviews
  • Using an APR table (correct)
  • Using a finance charge calculator
  • When determining mean, median, and mode from a data set, which measure represents the middle value of the data?

  • Mean
  • Range
  • Median (correct)
  • Mode
  • Which type of credit involves a continuous line of credit where borrowing and repayments can occur?

    <p>Revolving credit</p> Signup and view all the answers

    How can decimals be converted into fractions?

    <p>Converting the decimal part into the numerator and 10 or 100 as the denominator</p> Signup and view all the answers

    In financial math, what does 'mean' refer to?

    <p>The average of all values in a dataset</p> Signup and view all the answers

    Which factor is considered when calculating installment loan costs?

    <p>$1000 borrowed as an installment loan</p> Signup and view all the answers

    Which operation is considered the inverse of division?

    <p>Multiplication</p> Signup and view all the answers

    What is the primary focus of analyzing problem statements for missing/irrelevant data?

    <p>Ensuring the accuracy of computations</p> Signup and view all the answers

    What concept involves proving the correctness of computations with fractions and percents?

    <p>Estimation</p> Signup and view all the answers

    Which skill is essential for solving practical computation problems in business like calculating wages after taxes?

    <p>Developing fluency in addition and subtraction</p> Signup and view all the answers

    When are rational number computations typically estimated?

    <p>When judging the reasonableness of results</p> Signup and view all the answers

    Which operation involves selecting proper methods for computing with whole numbers?

    <p>Converting between measurement systems</p> Signup and view all the answers

    In business math, what is crucial for balancing a checkbook accurately?

    <p>Identifying and using relationships between operations</p> Signup and view all the answers

    'Estimating conversions between the customary and metric systems' is primarily used for what purpose?

    <p>Converting within measurement systems</p> Signup and view all the answers

    What ability is required to solve two-step problems involving fractions and decimals?

    <p>Fluency in addition and subtraction</p> Signup and view all the answers

    When solving practical computation problems, why is it important to identify business math terms?

    <p>To select appropriate computing methods and tools</p> Signup and view all the answers

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