Budget
What is a budget?
A plan that outlines how much money you earn and how you will spend it.
Income and expenses
True or False: You can withdraw cash with a debit card.
True
Give an example of a short-term financial goal.
Saving for a new video game or a concert ticket.
What is interest?
The cost of borrowing money or the earnings from saving money in a bank account.
If the exchange rate is 1 USD = 1.30 CAD, how many Canadian dollars would you get for 10 USD
13 CAD
If your monthly income is $500 and your expenses are $450, how much are you saving?
$50
What is a credit limit?
the maximum amount of money you can borrow using a credit card
Example of long-term financial goal
Eg. Saving for college or buying a house.
How do you calculate simple interest?
I=PRT
If 1 USD equals 1.25 CAD, how many Canadian dollars would you get for 4 USD?
What is the difference between a "need" and a "want"?
a need is essential for survival, like food or shelter, while a want is something you can live without, like a new video game
What is an e-transfer?
Sending money electronically from one bank account to another.
If you want to save $1,000 in 10 months, how much should you save each month?
$100
If you invest 1000 at an interest rate of 5% for 3 years, how much interest will you earn using simple interest?
150
You want to save $3,000 for a trip in 2 years. How much must you save per month?
$125
Calculate the simple interest on $500 at a 5% annual interest rate for 2 years
$50
You need $1,000 for a laptop in 10 months. You’ve already saved $200. How much more do you need to save per month?
$80
Calculate the simple interest on $600 at a 5% annual rate for 3 years.
$90