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Grade 5 Math Financial Literacy Flashcards | StudBud

Explore/Grade 5 Math Financial Literacy

Grade 5 Math Financial Literacy

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Budgets

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Questions 9

Answers

1
How do you create a budget?
A savings account
A type of bird
A type of checking account
An estimate of income and expenses for a period of time
2
What is a budget?
A plan for using your money
Money you have earned
A monthly report that compares amounts
Regular expenses
3
You can only spend or save your money.
False
True
4
What is a sales tax?
A tax taken out of your paycheck
A tax charged when you purchase and item
A tax that businesses pay
A tax you pay when you file your income tax
5
How much is the sales tax in Ontario?
15%
8%
5%
13%
6
You have to pay sales tax on everything you buy.
True
False
7
What is the sales tax called in Ontario?
PST
SST
GST
HST
8
Why is creating a budget important?
Because writing a budget is fun.
Budgets make you rich
Budgets could cause you to pay more money
Following a budget will keep you out of debt.
9
Why is it important to learn to manage your money?
Because your parents told you.
So you can live a financially stable life and have a good future.
So you could make lots of money
So you could lose all your money.