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Financial Literacy Review Flashcards | StudBud
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Financial Literacy Review
Financial Literacy Review
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Questions
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Answers
1
Income of $350 per month. Expenses: food $150, utilities $85, entertainment $90, car $125. In credit or debt?
$75 DEBT
She breaks even
$100 IN CREDIT
$100 IN DEBT
2
To make a budget, you need to track your...
total tax
expenses
income and expenses
income
3
You purchase two items: One for $13.49 and the other for $15.95. What is the TOTAL cost AFTER tax?
$33. 28
$35.00
$33.27
$32.90
4
One of the worst kinds of bad debt comes from...
credit cards
tax
budgeting
debit cards
5
Tax collected by the government is used to help pay for...
education
all of these
repairing roads
hospitals
6
What areas in a budget can people spend less to save money?
clothing
entertainment
food
all of these
7
Good debt is something you pay for that has long term value and increases your net worth.
False
True
8
Cash, cheque, e-transfer, money order, draft and Paypal are all ways to...
add tax
get a bank account
transfer money
get a loan
9
In Ontario, we pay 13% tax on most items we purchase.
True
False
10
Which offers the best value: 8 apples for $7.99 at Metro? Pack of 4 apples $3.75 at Sobeys? Or Walmart $0.85 each?
Metro and Sobeys
Sobeys
Metro
Walmart
