Budgeting
what is an example of needs and wants in a budget?
food/shelter vs fun stuff
50 months to years?
50 /12 =4.12 years
what is overdraft?
fee for bank account going into negatives
What school spirit day is it on Thursday?
Glow VS Gloom
What is an example fixed expense
- rent
what would be the tax on a purchase of 3.50
0.42 cents
For the I = PRT formula, what format does R have to be in?
decimal (divide by 100)
which teacher had a birthday yesterday?
Huver
example of a variable expense?
groceries
Max has a bank account that charges her $12 per month plus $0.35 per transaction. Calculate how
much she pays in account fees if she makes 27 transactions this month.
21.45
how much is GST and PST in Manitoba right now
5 % and 7 %
what is a GIC
Guaranteed long term investment - 5 years - investment rates are guarenteed
name one way interest can be good AND bad
-investments vs payments
What does Fv calculate? Explain
Future value = ending amount of money
what is a surplus and deficit budget?
saving more than you spend
Spending more than you earn
What is an example of something with low Liquidity
How easy your money can turn into cash (long term investments, a house...ect)
What happens to the principal overtime with compound interest?
principal changes over time
Mahle has 3000 and wants to turn it into 4000 in 60 months. What interest rate would she need to get?
3000 = Principal
4000 = Fv
60 MONTHS to years = 5 years
interest rate?
Fv = P + I
FV - P = I
4000 - 3000 = 1000 = I
I = PRT
1000 = 3000 * R * (60/12)
1000 = 3000 * R * 5
0.66% interest rate
Correctly label what I= PRT each stands for.
Interest earned
Principal
1nterest rate
tIME (IN YEARS)
What is the difference between a credit union VS a bank
Owned by you (and other members)