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Financial Literacy - Budgeting, Inflation, and Currency Exchange Flashcards | StudBud
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Financial Literacy - Budgeting, Inflation, and Currency Exchange
Financial Literacy - Budgeting, Inflation, and Currency Exchange
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Questions
18
Answers
1
If 100 CAD = 167 EUR, how do I find the exchange rate?
100/0.67
100 x 0.67
100/167
167/100
2
If prices of goods/services rise faster than your income, your purchasing power decreases.
True
False
3
If 1 EUR = 1.23 USD, which currency is worth more?
Cannot be determined
USD
EUR
They are equal
4
Ms. Patel is the best teacher ever and I miss her so much :(
True
False
5
If 1 EUR = 1.50 CAD, how much CAD do you get for 200 EUR?
350 CAD
300 EUR
300 CAD
150 CAD
6
What does it mean if demand increases and supply stays the same?
Prices go down
Prices go up
No one wants the product
Prices stay the same
7
What is the main purpose of a budget?
To calculate taxes
To track income and expenses
To avoid saving money
To spend as much money as possible
8
Which of these currencies is generally stronger than the Canadian dollar?
Mexican Peso
Euro
Indian Rupee
Japanese Yen
9
If supply decreases but demand stays the same, prices usually go down.
False
True
10
What is an example of a variable expense?
Bus pass
Monthly rent
Insurance payment
Weekly groceries
11
What does inflation do to the purchasing power of money?
Increases it
Has no effect
Decreases it
Doubles it
12
When the Canadian dollar is strong, Canadians can often buy more when shopping in the U.S.
True
False
13
What is the gold standard?
A way to compare currencies
A system where money was backed by gold
A brand of jewelry
A credit card company
14
Which of the following is a
fixed expense
?
Movie tickets
Groceries
Gasoline
Rent
15
One cause of inflation can be printing too much money
False
True
16
If 100 USD = 135 CAD, what is the exchange rate?
1 CAD = 1.35 USD
1 USD = 1.35 CAD
100 USD = 1 CAD
1 USD = 13.5 CAD
17
What happens if demand drops and supply increases?
The price goes down
The price stays the same
The price goes up
None of the above
18
The gold standard limited how much money a government could print.
True
False
