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