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Taylor Ontario Math Financial Literacy Flashcards | StudBud
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Taylor Ontario Math Financial Literacy
Taylor Ontario Math Financial Literacy
27 terms
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StudBud Administration
Financial Literacy Unit
Flashcards
27 cards
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Questions
27
Answers
1
How do you create a budget?
You buy a female and a male budgie
You record or estimate your income and expenses for a period of time
You transfer funds and they are recorded on a sheet
You type numbers on a chart
2
Why is creating a budget important?
Following a budget won't help you save your money
Budgets can help make sure you don't overspend
Because budgets rhymes with fudgets.
Budgets will make you rich
3
True or False: When you write a cheque to someone, the money comes out of your bank account
True
False
4
You can only spend or save your money.
False
True
5
True or False: debt is always a bad thing no matter what
True
False
6
When adding money amounts, we must always make sure we line up the _____________
Numbers
Symbols
Equation
Decimals
7
What is a budget?
A plan for keeping track of your finances
A report of all the money you have earned in your life
A monthly sales report
Another way of saying, "move over"
8
True or False: E-Transfers are always a safe way to send money
True
False
9
Saving some of your money (Income - Expenses = Savings) and not spending it all, is a smart financial decision
True
False
10
You have to pay SALES TAX on everything you buy in Ontario.
False
True
11
True or False: DEBT is when you spend or borrow more money than you earn/have
True
False
12
Which method of payment is used MOST often today?
Tulip Bulbs
E-transfers
Cheque
Bartering
13
Why is it important to learn to manage your money?
Because your teacher told you to.
So you can make lots and lots of money one day
So your future credit will be good.
So you won't make good financial decisions when you're older
14
Advantages to using a CREDIT card are...
You don't have to pay the money back
You cannot get rewards like travel points
It is free to use
Using it responsibly (i.e. paying on time) helps build your credit score
15
If you want to purchase a video game for $50. How much will the video game cost WITH THE TAX INCLUDED?
$6.50
$50.13
$56.50
$50.00
16
What is Sales Tax?
A tax charged when you purchase goods or services
A tax that comes out of your pay cheque
A tax you pay when you file your income tax
A tax that you pay when you buy a home
17
What is the correct ROUNDED cost of the following item: A stove that costs $799.99 x 1.13 = $903.9887
$903.99
$903.98
90.399
904.00
18
What is the Sales tax called in Ontario?
HST
PST
GST
SST
19
A type of tax in Canada is...
Health tax
FST tax
I tax
Property tax
20
A budget is BALANCED when...
Your income is equal to your expenses
Your expenses are greater than your income
Your money balances nicely on a scale
Your income is lesser than your expenses
21
How much is the Sales tax in Ontario?
13%
15%
16%
11%
22
Disadvantages of using a DEBIT card are...
Using it does helps build your credit score
Some places accept Debit cards
You can lose it/get it stolen and someone can use "tap" to get money
It is convenient to carry cash
23
How do you calculate the amount of SALES TAX on an item?
Add $1.13 to the item
Double the cost of the item
Multiple the cost of the item by .13
Subtract 13% from the item
24
Examples of SERVICES are...
Haircut
iPad
Car
Nikes
25
What is a BENEFIT of using cash to pay for something?
It is accepted most places
It can be lost easily
You get rewards for using it
it's easy to carry around lots of change
26
Estimate the TOTAL COST of these items by rounding each to the nearest dollar: Bananas $1.89, Milk $5.25, Cheese $4.65
$11.00
$11.79
$10.00
$12.00
27
To calculate the TOTAL COST of an item with the HST included, you multiply by...
.013
1.30
1.13
.13
