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financial literacy Flashcards | StudBud
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financial literacy
financial literacy
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1
What was the first money system called?
Money system
Trading system
Spending system
Barter system
2
How long is a long term financial goal?
3 years
Less than 2 years
2 months
More than 2 years
3
What is the sales tax percentage in Ontario?
15
13
13%
6
4
What is it called when you set money aside for future use and not spent immediately
Saving
Interest
Budgeting
Spending
5
Which of the following is not a disadvantage of cash?
No additional level of protection
Needs technology to function
Not accepted everywhere
Easy to lose
6
Your _____________ is the money you receive for doing work or services.
donate
financial
earning
7
Which of the following does not have tax on it?
Video games
Clothes
Healthcare
Restaurant food
8
What is these payment method is a plastic card?
Debit card
Cheque
Crypto
Cash
9
When your expenses are equal to your income, you are _____________.
Paying interest
Breaking even
Going into debt
Making money
10
What of these is not a need?
Food
water
video games
healthcare
11
How many business days does it take for a check to be deposited into your account?
6
7
5
10
12
PST stands for political sales tax
True
False
13
What is the formula for calculating interest over a period of time?
A=PPT
I=PRT
A=PRT
I=RRT
14
What of these payment methods can you not hold?
credit card
cheque
E-transfer
Cash
15
What is a payment for use of someone else’s money; usually expressed as an annual rate in terms of a percent
Interest
discount
Spend
Invest
16
The sales tax in Ontario is called:
HST
PST
LST
GST
17
Someone got a loan for $20000 The loan has a simple interest rate of 5% and they pay it in 4 years. What is the interest
$400
$4000
$40,000
18
What is the sales tax on an item that costs $20
$2.60
$2.00
$13.13
$6.00
19
Paying for school is what kind of financial goal?
Long term
Sort term
Immediate
long term
20
Saving for a new computer is what kind of financial goal?
Long term
really long term
Immediate
Short term
21
A borrower is someone he lends the money
True
False
22
How long would it take someone to save $7,500 if they put away $300 ever month?
4 years
26 months
25 months
30 months
23
If a water bottle cost $27.00, but is 40% off, how much is the total sale price of the water bottle?
16.20
$18.40
18.40
$16.20
