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Duplicate of Grade 5 Ontario Math Financial Literacy Flashcards | StudBud
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Duplicate of Grade 5 Ontario Math Financial Literacy
Duplicate of Grade 5 Ontario Math Financial Literacy
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New 2020 Math Curriculum: Financial Literacy Unit
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
What is Sales Tax?
A tax that comes out of your pay cheque
A tax charged when you purchase goods or services
A tax that you pay when you buy a home
A tax you pay when you file your income tax
2
True or False: When you write a cheque to someone, the money comes out of your bank account
True
False
3
What does the government use the money collected from taxes for?
Important services (health care, education)
All of them
To provide programs (Recreation, parks, etc)
To improve roads and highways
4
What is the Sales tax called in Ontario?
GST
HST
SST
PST
5
True or False: debt is always a bad thing no matter what
True
False
6
Why is creating a budget important?
Budgets can help make sure you don't overspend
Budgets will make you rich
Circle and Square are correct
Following a budget will help you save your money
7
How do you calculate the amount of SALES TAX on an item?
Subtract 13% from the item
Multiple the cost of the item by .13
Double the cost of the item
Add $1.13 to the total cost of the item
8
True or False: DEBT is when you spend or borrow more money than you earn/have
True
False
9
True or False: Products that can be purchased are called services
True
False
10
What is a BENEFIT of using cash to pay for something?
it's easy to carry around lots of change
You get rewards for using it
It can be lost easily
It is accepted most places
11
You have to pay SALES TAX on everything you buy in Ontario.
False
True
12
A budget is BALANCED when...
Your income is greater than
Your expenses are greater than your income
Your money balances nicely on a scale
Your income is greater than or equal to your expenses
13
Examples of SERVICES are...
All of them
Haircut
Car repair
Babysitting
14
How much is the Sales tax in Ontario?
11%
13%
5%
15%
15
How do you create a budget?
You record or estimate your income and expenses for a period of time
You type numbers on a chart
All of them
You transfer funds and they are recorded on a sheet
16
True or False: E-Transfers are always a safe way to send money
False
True
17
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
18
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
$11.00
$10.00
$12.00
19
You can only spend or save your money.
True
False
20
What is a budget?
A monthly sales report
A report of all the money you have earned in your life
A plan for keeping track of your finances
Another way of saying, "move over"
21
Advantages to using a CREDIT card are...
Using it responsibly (i.e. paying on time) can help build your credit score
You can get rewards like travel points
It is convenient and accepted most places
All of these answers
22
Saving some of your money (Income - Expenses = Savings) and not spending it all, is a smart financial decision
True
False
23
Which one is not a main tax in Ontario
Property tax
Sales tax
Health tax
Income tax
24
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
