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Money Matters - Financial Literacy Game 2 Flashcards | StudBud
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Money Matters - Financial Literacy Game 2
Money Matters - Financial Literacy Game 2
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Flashcards
22 cards
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Practice quiz
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Questions
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Answers
1
When a bank pays you for saving your money with them, they pay you this:
Rewards
Savings
Attention
Interest
2
A family planning to buy a new house might need one of these from a bank:
A mortgage
A new job
A new home inspection
A new savings account
3
A store credit means that you return something to the store and then you can do this:
Work at that store
Buy something different for the same value
Owe the store money for a new purchase
Use a credit card to make a new purchase
4
When you buy something at a yard sale you need to pay tax.
False
True
5
A teenager made $60 babysitting and then spent $18.95 on books and $4.45 on snacks. About how much was left to save?
About $30
Between $25 and $28
About $40
Between $35 and $40
6
The word “expense” is used in a budget to refer to money that you might plan to spend on anything at all.
True
False
7
A toy has a price of $9.99 on it. Estimate the tax that will be charged on it.
Nothing, toys have no tax.
$13
$0.70
$1.30
8
Garry has $40, all in bills. What is the greatest number of bills he could have?
2 $5 bills and 3 $10 bills
8 bills of $5 each
2 $20 bills
4 $5 bills and 2 $10 bills
9
When banks agree to lend money, they make money by charging this extra amount.
Transaction fees
Service Charge
Tax
Interest
10
Sam uses a $15 gift card for a purchase of $21.45. How much extra does Sam have to pay?
$6.43
$6.45
Nothing; a gift card covers the whole cost.
$5.45
11
A charitable organization is one that is not allowed to make any profits.
True
False
12
A server in a restaurant might earn tips from customers as well as hourly wages from the restaurant.
True
False
13
You can only use a debit card at a bank machine for the bank that gave you the card.
False
True
14
When people eat out at a restaurant, they might leave this extra amount after their meal:
A salary
A dirty napkin
Taxes
A tip
15
When you receive a gift card, you have to use it at the same place it was bought for the exact amount on the card.
False
True
16
Terina has $15, all in coins. What is the least number of coins she could have?
150 (all dimes)
8 (7 toonies and 1 loonie)
11 (7 toonies and 4 quarters)
15 (all loonies)
17
What is a way to figure out a 20% tip?
Divide by 10, then double it.
Just guess.
Multiply by 20, then add half.
Multiply by 20.
18
Kip uses a $25 gift card for a purchase of $23.78. What value is left on the card?
Nothing, he can only use the card once.
$1.25
$2.22
$1.22
19
The province of Ontario collects this tax when people buy things or pay for services.
Harmonized Sales Tax (HST)
Value-added tax (VAT)
Provincial Sales Tax (PST)
Goods and Services Tax (GST)
20
This is a way to figure out what percent of a money amount: take one-tenth and then add half of that.
15%
10%
50%
10.5%
21
Jamy borrowed $20 and has to pay it back in a week. How can you describe his situation?
He earned $20.
He needs to earn another $40.
He owes 13% tax on $20.
He has a deb of $20.
22
This institution is like a bank, but it doesn’t make a profit when you save your money there.
An insurance company
A loan company
A financial investment company
A credit union
