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Financial Literacy! Flashcards | StudBud
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Financial Literacy!
Financial Literacy!
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Questions
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Answers
1
A debit card supports in paying for goods and services and is...
Borrowed money from the bank
Your own money
2
You deposit $1,000 into a savings account that earns 5% simple interest per year. How much interest after 3 years?
$130.00
$120.00
$140.00
$150.00
3
Walmart has a sale on Lemons, 3 for $5. Food basics has a sale on Lemons, 4 for $6. Which is better?
Food Basics
Walmart
4
Having good credit is important because...
All of the above
It can support individuals to get approved for loans if they ever need it
You can take out a mortgage
You avoid debt
5
Simple interest is an interest charge that borrowers pay lenders for a loan.
True
False
6
Noah deposited $1000 in the bank and they give 6% annually. How much does noah earn in interest in 5 years?
$500.00
$350.00
$300.00
$250.00
7
Lending money is...
giving money to another person with the understanding they will return it
buying and selling goods and services
giving money to a good cause
8
The formula to calculate sales tax is...
Original Price x Tax Rate = Sales Tax
There is no formula, we just guess
Original Price + Tax Rate = Sales Tax
Sales Tax + Original Price = Tax Rate
9
Which sales tax amount do we pay in Ontario?
13%
8%
14%
12%
10
Financial Literacy is...
useful for future planning (further education, renting/buying a home)
learning about budgeting, saving, managing debit/credit
knowing how money works so you can make smart decisions with it
All of the above
11
Transferring money online is called...
Transfer
E-Transfer
12
You buy a new backpack that costs $60. The sales tax rate is 13%.How much is the total cost after tax?
$67.80
$60.99
$61.59
$65.43
13
Debt is...
important to always have
something, typically money, that is owed or due
really great
14
Donating money is...
Giving money to a good cause
Take money to use on the condition you will pay it back.
15
Which tax do Canadians NOT pay?
Income Tax
Sales Tax
Window Tax
Property Tax
16
Examples of a want are...
The newest Jordan's
Food and water
17
Which option below is a list of Financial Institutions?
TD, BMO, Scotiabank
Jolly Ranchers, Sour Patch Kids, Smarties
Walmart, No Frills, Food Basics
18
Cash is a currency that is often...
Grows on Trees
Bills and Coins
Free
Non-Existent
19
Examples of a need are...
Concert tickets
The newest Jordans
Food and water
20
A credit card supports in paying for goods and services and is...
Your own money
Borrowed money from the bank
21
The formula to calculate simple interest is...
P = L x W
Simple Interest = P x r x t
Simple Interest = PR x T
A = L x W
22
Budgeting is the process of creating a plan for how you’ll spend and save your money.
True
False
23
A financial goal is a specific, measurable target related to managing money, whether it's saving, spending, or investing
True
False
24
Jordan buys groceries worth $100. The sales tax is 7%. What is the total price?
$117
$107.50
$111
$107.00
