To subtract or take away from a total amount is to what?

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Study for the 6th Grade Financial Literacy Test. Explore interactive quizzes and multiple-choice questions with insightful explanations. Prepare effectively today!

Multiple Choice

To subtract or take away from a total amount is to what?

Explanation:
The main idea is reducing a total by taking away part of it. The word that describes this action in finance and math is deduct. When you deduct an amount, you subtract it from the total, leaving a smaller amount. For example, if you have 40 dollars and spend 8, you deduct 8, leaving 32. Budgeting is about planning how to spend money, credit means adding money to your balance or getting loan approval, and borrow means to take money now with the promise to pay it back later. So deduct best fits the idea of taking away from a total.

The main idea is reducing a total by taking away part of it. The word that describes this action in finance and math is deduct. When you deduct an amount, you subtract it from the total, leaving a smaller amount. For example, if you have 40 dollars and spend 8, you deduct 8, leaving 32. Budgeting is about planning how to spend money, credit means adding money to your balance or getting loan approval, and borrow means to take money now with the promise to pay it back later. So deduct best fits the idea of taking away from a total.

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