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Financial Literacy
Financial Literacy
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Grade 6 Financial Literacy
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Why should you budget?
To lower your taxes.
To impress your friends with your money skills
pay for everything you need and save money for the things you want
To make sure that you spend all your money each paycheck
2
Financial literacy is important for EVERYONE.
False
True
3
The average amount that a Canadian family pays for their weekly groceries is...
$380
$510
$220
$150
4
What is the name given when you borrow money from the bank to buy a house?
Tax free savings account
Mortgage
Nest egg loan
Payday loan
5
If you were to buy one share in Tesla yesterday, about how much would you expect to pay for 1 share?
$761
$7610
$7.61
$76.10
6
An item or things that can be purchased are called....
Cheques
Goods
Services
Interests
7
Borrowing money means that you will pay it back.
True
False
8
An example of a "service" may include getting a haircut or taking ringette lessons
True
False
9
What is a financial plan?
A budget
A bad idea
management funds
Goals you want to accomplish
10
Buying shares in Apple is an example of what?
Borrowing
Trading
Donating
lending
11
What is it called when you pay extra money on top of money that you borrow?
Credit
Etransfer
Cheques
Interest
12
Which of the following is NOT a financial literacy term?
Gambling
Investing
Spending
Lending
13
When making a budget, what should you do with the MOST of your money?
Save it to give to your dog
Spend it on food
Save it to pay for something important to you.
Spend it on entertainment
14
Which is not true about credit cards....
They are a great way to borrow alot of money cheaply
They have really high interest rates
They often give you loyaty points when you use them
They give you access to more money than you have in your bank account
15
If you borrowed $12 000 from Mr Jones and he charged you 5% interest per year. How much is that after the first year?
$120
$1200
$600
$60
16
Which of the following is NOT a common payment method?
Debit
Credit
Etransfer
Interest
17
20 is the same as (11 + 11)?
False
True
18
What is the current average price for a house in CANADA?
$7 160 000
167 000
$71 600
$716 000
19
What is the name of this method of payment?
Cheques
cheecks
Cheks
quecks
20
The tax rate (HST) in Ontario is......
15%
9%
13%
11%
