History of Money
A community in which people provide for their own needs.
What is a traditional community?
The type of money a particular country uses.
What is currency?
Food, shelter, water, air, clothing, and medication.
What are needs?
An estimate or plan to manage income and expenses over a certain period of time.
What is a budget?
What are the 2 types of interest?
Simple Interest vs Compound Interest.
An industrialized community that uses technology to communicate and sell goods.
What is the formula to find the value of "Canadian currency"?
C = F / Er
Canadian = Foreign currency / exchange rate
Unnecessary but desired items which may increase the quality of living.
What are wants?
Things that one spends money on. This can vary from month to month.
What is an expense?
The amount of the loan or investment.
What is the principle?
The exchange of goods without the use of money.
What is bartering?
What is the formula to find the value of "foreign currency"?
F = C x Er
Foreign = Canadian currency x exchange rate
Name one reliable source of financial information.
Financial Institutions, Parents/Guardians, Business sections of newspapers, Certified financial planning professionals
Ishmael has been putting away $20 every week so he can get tickets to an NBA game. Income, Expense, or Savings?
Savings.
What is the formula for simple interest?
I = P x R x T
Articles of exchange such as: cattle, wheat, vegetables, and fruit.
What are commodities?
The value of one country's currency in relation to another country.
What is an exchange rate?
specific, measurable, achievable, realistic, time-based
What are SMART goals/Goal-setting?
Salary, paycheque, inheritance, gifts, and scholarships.
What is an income?
If the balance is $1306.40 at the end of six years on an investment of $920 that has been invested at a rate of 7%, how much was the interest?
The interest was $386.40.
Why is it called a piggy bank?
People used to store their money in clay jars called pygg. The sound of the word later evolved from "pug" to "pig".
What is the Canadian dollar value of £50 British pounds?
Exchange rate: 1 CAD = 0.59 GBP
$84.75
Give three examples of things that influence our financial decisions.
Social Media, Peer Pressure, Consumerism, Family/Personal Circumstances, Environmentalism, Wealth
How many weeks would it take Al to save up enough money to pay for his Nintendo Switch?
Nintendo Switch: $396
Income: $36/week
11 weeks.
To build his start-up company, Mason borrows $16,000 from the bank at an interest rate of 4%. If it takes him 3 years to pay back the loan, how much in TOTAL will Mason pay back to the bank?
$17,920 = $16000 + $1920