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Ontario Math Financial Literacy Flashcards | StudBud
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Ontario Math Financial Literacy
Ontario Math Financial Literacy
28 terms
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New 2020 Math Curriculum: Financial Literacy Unit
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
How much is the Sales tax in Ontario?
11%
15%
5%
13%
2
How do you calculate the amount of SALES TAX on an item?
Subtract 13% from the item
Add $1.13 to the item
Multiple the cost of the item by .13
Double the cost of the item
3
You can only spend or save your money.
False
True
4
True or False: E-Transfers are always a safe way to send money
False
True
5
True or False: DEBT is when you spend or borrow more money than you earn/have
True
False
6
What is Sales Tax?
A tax that comes out of your pay cheque
A tax charged when you purchase goods or services
A tax you pay when you file your income tax
A tax that you pay when you buy a home
7
What is the Sales tax called in Ontario?
HST
PST
SST
GST
8
One of the 3 main types of taxes in Canada is...
Income tax
Property tax
Sales tax
Health tax
9
PRODUCTS that can be purchased are called _________
Goods
Services
10
Estimate the TOTAL COST of these items by rounding each to the nearest dollar: Bananas $1.89, Milk $5.25, Cheese $4.65
$12.00
$10.00
$11.79
$11.00
11
Advantages to using a CREDIT card are...
You can get rewards like travel points
You don't have to pay the money back
It is convenient and accepted most places
Using it responsibly (i.e. paying on time) can help build your credit score
12
What does the government use the money collected from taxes for?
To buy fancy cars
To provide programs (Recreation, parks, etc)
To improve roads and highways
Important services (health care, education)
13
Calculate the UNIT RATE: A 12 roll package of paper towel for $14.99 (make sure your answer is like this $ _ . _ _)
$1.50
$0.25
$15.00
$1.25
14
Why is it important to learn to manage your money?
So you will make good financial decisions when you're older
Because your teacher told you to.
So your future credit will be good.
So you can make lots and lots of money one day
15
True or False: When you write a cheque to someone, the money comes out of your bank account
False
True
16
If you want to purchase a video game for $50. How much will the video game cost WITH THE TAX INCLUDED?
$50.13
$6.50
$50.00
$56.50
17
What is a budget?
A report of all the money you have earned in your life
A monthly sales report
A plan for keeping track of your finances
Another way of saying, "move over"
18
What is a BENEFIT of using cash to pay for something?
You get rewards for using it
It can be lost easily
It is accepted most places
it's easy to carry around lots of change
19
Examples of SERVICES are...
Babysitting
Car repair
Haircut
iPad
20
What is the correct ROUNDED cost of the following item: A stove that costs $799.99 x 1.13 = $903.9887
$903.98
$903.99
21
True or False: debt is always a bad thing no matter what
False
True
22
Which methods of payment are used MOST often today?
Debit card
Credit card
Bartering
E-transfers
23
You have to pay SALES TAX on everything you buy in Ontario.
True
False
24
Disadvantages of using a DEBIT card are...
Using it does not help build your credit score
You can lose it/get it stolen and someone can use "tap" to get money
It is convenient to not have to carry cash
Some places don't accept Debit cards
25
Saving some of your money (Income - Expenses = Savings) and not spending it all, is a smart financial decision
False
True
26
Why is creating a budget important?
Because budgets rhymes with fudgets.
Budgets will make you rich
Budgets can help make sure you don't overspend
Following a budget will help you save your money
27
A budget is BALANCED when...
Your money balances nicely on a scale
Your income is greater than your expenses
Your income is equal to your expenses
Your expenses are greater than your income
28
How do you create a budget?
You buy a female and a male budgie
You transfer funds and they are recorded on a sheet
You type numbers on a chart
You record or estimate your income and expenses for a period of time
