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