Global Currency
The 'Yen' is the currency used in this country
Japan
A written plan that helps you decide how to spend and save money each month.
A budget
If after paying taxes, Sophie receives about 75% of her earnings, how much is she paying in income tax?
25%
If gross income is $91,542, and income tax is calculated to be $23,800, what is the net income?
$67,742 (net income)
What term refers to a budget where total income equals total expenses?
Balanced budget
What country uses the 'Zloty' as their currency?
Poland
Income after taxes and deductions are subtracted.
Net Income
What are the 2 types of income tax we pay in Ontario?
Federal and Provincial
George earned $79,575 from his job. He sold a house he rented and earned an additional $95,350. He paid $53,538 in taxes. What is his net income?
$121,387 (net income)
Which of the following would NOT be considered a part of a budget?
a) Income
b) Expenses
c) Shopping lists
d) Savings
c) Shopping lists
What is the name of the currency used in South Africa?
Rand
The total money/salary earned in a given period of time excluding any deductions like income tax.
Gross Income
What are the main types of taxes that we pay in Ontario/Canada?
Name at least 2 out of the 3 we discussed in our group discussion.
1) Income Tax
2) Sales Tax
3) Property Tax
Willow earned $51,530 from her job, $34,520 from her side business and she sold stocks she owned for $41,430. She paid $42,405 in taxes. How much gross income did she earn?
$127,480 (Gross income)
If you spend $40 on entertainment and $60 on clothes out of a $500 monthly budget, what percentage of your budget went to those two categories?
20%
If the exchange rate from Canadian ($/dollars) to British (£/pounds) is 0.50...
How much is £10 (British pounds) in Canadian ($/dollars)?
$20 Canadian
Money owed to others, such as loans or credit card balances.
Debt
Derek makes $29 an hour, and works about 45 hours a week. What is his gross income for a 12 week period?
45 x $29 = $1,305 (weekly income)
$1,305 x 12 = $15,660 (gross income - 12 weeks)
Christina has her own business that earned $278,500 last year. She paid $90,400 in business expenses and paid the rest of the money to herself. Her net income is $136,780. How much income tax did she pay?
$51,320 (income tax paid)
Amelia would like to purchase a new monitor that costs $188.
If Amelia's income is $2200 a month, and her expenses based on her budget total up to $2060, will she have enough available funds to purchase the new monitor?
No.
$2200 - $2060 = $140 (available funds)
If the exchange rate from Canadian ($/dollars) to Malaysian (RM/Ringgits) is 3.00...
How much is $110 (Canadian dollars) in Malaysian (RM/Ringgits)?
330 MYR (Malaysian Ringgits)
What do GST and HST stand for?
Goods and Services Tax & Harmonized Sales Tax
Meredith makes $75,000 a year. At her income level in Ontario, she will be paying about 29% of her earnings in taxes (income tax).
What is Meredith's net income?
$75,000 x 0.29 = $21,750 (income tax)
$75,000 - $21,750 = $53,250 (net income)
If Alex's gross income is $105,635, and his net income is $76,057.20, what percentage of his income is he paying in taxes?
$105,635 - $76,057.20 = $29,577.80 (Income tax amount)
$29,577.80 / $105,635 = 0.28 = 28% (income tax percentage)
April wants to buy a phone that costs $600. She has $200 saved and earns $50 per week from babysitting. How many weeks will it take for her to save enough money?
8 weeks
(She needs $400 more, so $400 ÷ $50 = 8 weeks.)