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Grade 5 Ontario Math Financial Literacy Flashcards | StudBud
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Grade 5 Ontario Math Financial Literacy
Grade 5 Ontario Math Financial Literacy
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New 2020 Math Curriculum: Financial Literacy Unit
Flashcards
28 cards
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Questions
28
Answers
1
One of the 3 main types of taxes in Canada is...
Income tax
Property tax
Health tax
Sales tax
2
What is Sales Tax?
A tax that you pay when you buy a home
A tax that comes out of your pay cheque
A tax you pay when you file your income tax
A tax charged when you purchase goods or services
3
What is the Sales tax called in Ontario?
PST
SST
HST
GST
4
True or False: E-Transfers are always a safe way to send money
False
True
5
How do you calculate the amount of SALES TAX on an item?
Multiple the cost of the item by .13
Double the cost of the item
Add $1.13 to the item
Subtract 13% from the item
6
Why is it important to learn to manage your money?
So you will make good financial decisions when you're older
So you can make lots and lots of money one day
Because your teacher told you to.
So your future credit will be good.
7
If you want to purchase a video game for $50. How much will the video game cost WITH THE TAX INCLUDED?
$56.50
$6.50
$50.13
$50.00
8
Why is creating a budget important?
Budgets will make you rich
Budgets can help make sure you don't overspend
Following a budget will help you save your money
Because budgets rhymes with fudgets.
9
Which methods of payment are used MOST often today?
E-transfers
Bartering
Debit card
Credit card
10
A budget is BALANCED when...
Your expenses are greater than your income
Your income is equal to your expenses
Your money balances nicely on a scale
Your income is greater than your expenses
11
What is the correct ROUNDED cost of the following item: A stove that costs $799.99 x 1.13 = $903.9887
$903.98
$903.99
12
You have to pay SALES TAX on everything you buy in Ontario.
False
True
13
You can only spend or save your money.
True
False
14
Advantages to using a CREDIT card are...
You don't have to pay the money back
Using it responsibly (i.e. paying on time) can help build your credit score
It is convenient and accepted most places
You can get rewards like travel points
15
How much is the Sales tax in Ontario?
15%
5%
11%
13%
16
PRODUCTS that can be purchased are called _________
Goods
Services
17
True or False: DEBT is when you spend or borrow more money than you earn/have
True
False
18
What is a budget?
A report of all the money you have earned in your life
A plan for keeping track of your finances
Another way of saying, "move over"
A monthly sales report
19
Examples of SERVICES are...
Car repair
iPad
Haircut
Babysitting
20
Disadvantages of using a DEBIT card are...
It is convenient to not have to carry cash
Using it does not help build your credit score
You can lose it/get it stolen and someone can use "tap" to get money
Some places don't accept Debit cards
21
True or False: When you write a cheque to someone, the money comes out of your bank account
False
True
22
True or False: debt is always a bad thing no matter what
False
True
23
Calculate the UNIT RATE: A 12 roll package of paper towel for $14.99 (make sure your answer is like this $ _ . _ _)
$15.00
$1.50
$1.25
$0.25
24
What does the government use the money collected from taxes for?
To provide programs (Recreation, parks, etc)
To improve roads and highways
To buy fancy cars
Important services (health care, education)
25
What is a BENEFIT of using cash to pay for something?
It can be lost easily
It is accepted most places
You get rewards for using it
it's easy to carry around lots of change
26
How do you create a budget?
You record or estimate your income and expenses for a period of time
You buy a female and a male budgie
You type numbers on a chart
You transfer funds and they are recorded on a sheet
27
Saving some of your money (Income - Expenses = Savings) and not spending it all, is a smart financial decision
True
False
28
Estimate the TOTAL COST of these items by rounding each to the nearest dollar: Bananas $1.89, Milk $5.25, Cheese $4.65
$10.00
$11.79
$12.00
$11.00
