Financial Literacy Quiz

Question 1

Which levels of government collect taxes?

Accepted Answer

All of the above

Question 2

If Ms R orders a shirt online, which payment method would be best?

Accepted Answer

Credit Card

Question 3

When you pay by debit card it takes the money directly out of your bank account?

Accepted Answer

True

Question 4

What do we call our sales tax in Ontario?

Accepted Answer

HST

Question 5

If your purchase cost $125.42 and you were paying by debit, how much would you actually pay?

Accepted Answer

$125.42

Question 6

Which levels of governement collect sales tax?

Accepted Answer

Federal & Provincial

Question 7

How much is HST?

Accepted Answer

13%

Question 8

When you pay by credit card what happens?

Accepted Answer

The Credit Card company pays and you must pay them back with interest

Question 9

While taxes are annoying, they help make society run more smoothly. What do they NOT help support.

Accepted Answer

The entertainment industry

Question 10

Is a purchase cost $22.38 and you were paying CASH. How much would you actually pay?

Accepted Answer

$22.40

Question 11

To figure out which product is the better value you must determine the unit rate

Accepted Answer

True

Questions 11