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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
HST (Harmonized Sales Tax) is an extra charge that must be added to the price of goods or services sold.
False
True
2
What is the name for the level of government based in a city or town?
Federal
Provincial
Territorial
Municipal
3
The Goods and Services Tax (GST) of 5% is the same across Canada.
False
True
4
The government of Canada is the ___________ government.
territorial
provincial
federal
municipal
5
A piece of candy costs $1.00, how much will you pay with HST.
$1.30
$1.13
$13.00
6
The amount of tax that is added to the price of an item is calculated as a percentage (%) of the item’s price.
False
True
7
When you pay with a debit card, money is leaving your bank account immediately.
False
True
8
If my goal is to avoid debt, I should probably pay with...
Credit Card
Cash
Monopoly money
9
An alarm clock costs $50.00, how much will you pay with tax? (HST)
$53.00
$63.00
$56.50
$60.50
10
Financial literacy means knowing how to...
count money
get rich
make informed financial decisions
read and write
11
13% is the sales tax (HST) in Ontario.
False
True
12
The Goods and Services Tax (GST) is how much?
100%
20%
2%
5%
13
The GST is the same across Canada, but the HST depends on the province.
False
True
14
A video game costs $100.00, how much will you be paying once you add HST (in Ontario).
$101.30
$113.00
$100.13
$130.00
15
The government of Ontario is the _______ government.
Territorial
Provincial
Federal
Municipal
16
When you pay with a credit card, you are ________ money from the bank.
Trading
Borrowing
Donating
Lending
17
Tax money is used to support the government and the programs and services it provides.
False
True
18
Distributing financial resources (money) through taxes impacts the standard of living in communities.
True
False
19
Everyone pays GST/HST when they purchase a good or service
True
False
20
Paying for a haircut is an example of...
Donating
Trading
Borrowing
Lending
21
Which of these items is tax exempt (no tax is charged)?
A meal at a restaurant
Prescription medication
Shampoo
Board games
22
Taxes are NOT used for...
Police and fire services
The internet
Roads, streets, and lanes
Garbage collection
23
What is the sales tax (HST) in Ontario?
9%
11%
60%
13%
