quantitive reasoning FINAL
What is a budget? What is cash flow? Describe the four-step process of figuring out your monthly budget.
- A budget keeps track of how much money one has coming in and how much one has going out and helps to determine what adjustments need to be made. - The difference between expenses and income - First, list all monthly income. Next, list all monthly expenses. Then subtract total expenses from total income to determine net monthly cash flow. Finally, make adjustments as needed.
The fact that 1 liter=1.057 quarts can be expressed as the following conversion factor.
1.057 quart/1 liter, because multiplying it by any number of liters would convert the number from liters to quarts by causing the units of liters to cancel without changing number because the factor is equal to 1.
Explain why the term APR/n appears in the compound interest formula for interest paid n times a year.
APR represents the annual percentage rate (as a decimal). To account for the interest paid n times a year, this annual (yearly) rate needs to be divided by the number of compounding periods per year, n.
How is it possible to end up with units of speed?
Divide a distance by a time
The guidelines for prescribing a particular drug specify a dose of 300 mg per kilogram of body weight per day. How should you find how much of the drug should be given to a 30-kg child every 8 hours?
Multiply 300 mg/kg/day by 30 kg and divide that result by 3, since multiplying will cancel the kg units and dividing by 3 since there are three 8 hour intervals in a day.
What is the difference between simple interest and compound interest? Why do you end up with more money with compound interest?
Simple interest is interest paid only on the original investment whereas compound interest is interest paid both on the original investment and on all interest that has been added to the original investment. Since compound interest is calculated based on a larger amount than simple interest, it results in a larger amount of money over time.
What is meant by standardized units and why are they useful?
Standardized units are units that have the same meaning for everyone who uses them. When using standardized units, people can communicate measurements and know that they mean the same thing to both people.
kilograms to pounds
kg x 2.205
