Methods of Payment
What is a debit card?
A debit card is a plastic card that the card holder can use to purchase things. When you use the debit card the money is coming directly from your bank account.
What is a good?
A good is an item that can be purchased.
What is a budget?
A budget is a plan to manage income and expenses over a set period of time.
What is a unit rate?
A unit rate is a rate for 1 of something.
True or False?
When you use a credit card the money comes from your own bank account.
False. When you use a credit card the money is borrowed from a company and you must later pay it back by the due date.
What is a service? Give an example
A service is a task or action performed by people in exchange for money.
What 3 things should your budget include?
Your income, expenses, and financial/saving goals
What is the unit rate for $4 for 12 bagels?
3 bagels for $1
What is a cheque and when might you use it?
A cheque is a document that orders a financial institution to take a specific amount of money from your bank account and put it in the account of the person you gave the cheque to.
What is Sales tax and how much is it in Ontario?
Sales tax is a percentage of money that is added to the cost of a good or service when purchased by a consumer. In Ontario it is 13%
If Tony earn $100 a month and pays $25 for his phone and $35 on clothes and entertainment every month, how much money can he save each month?
$40
What's a better deal: 12 water bottles for $6 or 24 water bottles for $13?
12 water bottles for $6
How does E-transfer work?
E-transfer stands for Electronic Money Transfer. It allows people to send and receive funds (money) from their personal bank accounts through e-mail.
What are 2 things that the government use our tax dollars for?
free education
free healthcare
roads and highways
What is the name of the method of payment that uses digital/virtual currency?
Cryptocurrency
What are the two types of sales tax (5%) and (8%) called that add up to the 13% Harmonized Sales Tax (HST) that we pay?
5% GST (Goods and Services tax)
8% PST (Provincial Sales Tax)