Methods of Payment
This method of payment uses physical coins and bills and is accepted almost everywhere.
What is cash?
Rana's grocery total is $38. She pays with two $20 bills. How much change does she receive?
What is $2?
This is what it's called when you receive money in return for doing a job or a providing a service.
What is earning or what is an income?
This part of the steps for making a smart purchase means checking whether other stores sell the same product for less. (Remember: CIAC!)
What is compare?
A hockey stick, a pencil case and a board game are all examples of this.
What is a good?
When Zareh taps his phone at the cash register to pay for groceries, he is using this method of payment.
What is an electronic wallet (e-wallet)?
Marcus buys a backpack for $27, a water bottle for $13, and pens for $4. What is the total cost?
What is $44?
Oliver walks past a TV he wants but decides not to buy it because he doesn't need it. Which financial concept is he practicing?
What is saving?
Before buying a laptop, Demetrius reads hundreds of customer reviews to check quality. Which step of making a smart purchase is he doing?
What is Analyze?
Getting a haircut, having your car repaired, and going to daycare are all examples of this.
What is a service?
Gary writes down who to pay and how much, dates it, and hands it to his bank. What payment method is he using?
What is a cheque?
Beatrice buys donuts for $8, two coffees at $3 each, and a croissant for $2. She pays with $20. How much change does she receive?
What is $4?
Cara puts money into a new tech company in exchange for part ownership, hoping to earn a profit later. What financial concept is this?
What is investing?
Nash sees a TV labelled "50% off" on Black Friday and immediately wants it. Name ONE thing he should do before buying.
What is: compare prices elsewhere / check reviews / identify if he needs it / consider marketing bias? (any one)
Food, shelter, and water are examples of this — things that are required to live.
What are needs?
Nancy takes out a card at the shoe store and will receive a bill at the end of the month. What payment method is she using?
What is a credit card?
Estimate the total cost of: Pencils $14, Notebooks $25, Paper $8, Markers $17, Glue sticks $12. Show your rounding strategy.
What is approximately $75? (14→15, 25→25, 8→10, 17→15, 12→10 = 75, or similar reasonable estimate)
Income level, culture/family values, lifestyle, and health are all examples of these. What do they affect?
What are factors that affect how we spend and save our money?
Ali lists everything she needs in a new home — a garage, a backyard, and a finished basement. Which step of making a smart purchase is she practicing?
What is Identify?
Movie tickets are a service AND this — something you would like to have, but don't need it to survive.
What is a want?
A payment method where clients send and receive funds between bank accounts using email. Fun fact: This method of payment is also common in Canada.
What is an e-Transfer?
a) Total cost: $37. Cash given: two $20 bills. What is the change?
b) Total cost: ___. Cash given: one $50 bill. Change: $25. What was the original total cost?
a) What is $3 change?
b) What is $25 in total cost?
Cindy's husband lost his job. She has a stable income and two kids. She just received a $5,000 bonus. Should she save or spend?
She should save. Her family now has one income (income/expenses factor), she needs an emergency fund (saving), and spending would reduce her financial security.
Sachin chooses a shirt made of 100% organic cotton even though it costs more. Which part of the steps in making a smart purchase is he practicing, and why?
What is Consider? — He is thinking about the environmental impact and ethical sourcing of his purchase.
You are given $2,000 as a birthday gift. Describe what you would do using ALL FOUR financial concepts: spending, saving, investing, and donating.
Any specific, well-reasoned answer that includes all four: e.g. spend $200 on shoes, save $1,000 for university, invest $500 in stocks, donate $300 to SickKids.