Gr. 6 Financial Literacy Review

When I use a debit card, I am borrowing money.

Interest is the cost of borrowing money or the reward for lending money

An electronic wallet is a form of payment...

A long term financial goal is...

Calculate the interest earned... $5000 deposited at 2% interest rate for 4 years.

Interest rate means...

Calculate the interest earned... $20 deposited at 6% interest rate for 10 years.

Cash can only be used by adults

There are different kinds of financial goals, including:

Using a credit card builds my credit and shows that I am responsible with my money.

The 'P' in the Simple Interest formula stands for the principal, which means...

A medium term financial goal is...

The following is an example of a rewards program:

Financial Literacy is the ability to understand and use strategies like budgeting to meet financial goals

A short term financial goal is...

I must pay back the money I spend when I use a credit card to avoid paying interest.

Simple Interest = P x R x T

Methods of payment are means that a buyer uses to compensate the seller for a good or service

5% as a decimal is...

Expenses are the things I have to spend my money on

In Ontario, I have to be ____ years old to have my own credit card.

Interest is always bad.

What might be something that would interfere with your financial goals?

Why should you create a budget?

Income is the money I spend

2.75% as a decimal is...

An e-transfer sends and receives funds between a personal account and someone else’s, using email and their online bank

Calculate the interest earned... $200 deposited at 18% interest rate for 2 years.

Investing your money can only result in you making more money.