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Helen earns a monthly salary of $5000. She has saved $4000 and wants to increase her savings to $6000 by the end of this year. She will use this money as a downpayment on a new car. What is Helen's financial goal an example of?
Savings target
Boris withdrew $60 from his account from a cash terminal in a variety store. His withdrawal slip showed that $63.50 was taken from his account. What is the extra fee called?
What is the fee charged by the bank for paying an amount higher than the balance in your account called?
An overdraft charge
A sale shows 4 boxes of crayons for $8.00. What should one box cost?
$2.00
True or False? An example of an automatic payment is a rent payment that is withdrawn from someone’s bank account on the first day of every month. Once the customer sets up an automatic payment, it continues automatically.
True
What is an advantage of using a debit card instead of cash to pay for goods and services?
It is safer to carry than cash and if lost or stolen, it is protected with a password for purchases over $100.
What is a disadvantage of using a credit card instead of cash to pay for goods or services?
Credit cards often involve extra costs like a transaction charge and interest charges when the balance owed is not paid by the due date.
What is a disadvantage of using a mobile payment app instead of cash to pay for goods or services?
Mobile payment apps require special equipment at point of sale and only some stores are able to offer this payment method.
What are advantages of using mobile payment apps linked to your bank account instead of credit cards to pay for goods or services? (Hint: there are 3)
Mobile payment apps are secure, they take money directly from your bank account so you can't overspend like you can with a credit card, and it is linked to your phone so you don't need to carry a wallet with cash and cards.
The kitchen tap is dripping. A plumber fixed it and charged $80 for 2 hours of work. What does the plumber charge per hour?
$40/hour
What is an advantage of using cash instead of a credit card to pay for goods and services?
There are no extra transaction charges or fees.
True or false? Cryptocurrency is a way for people to pay each other for things online, without taking money out of a bank account.
True
What do you need to consider when making a budget? (hint: there are 3 points)
1. How much you earn each week or month (income)
2. What your expenses are
3. Needs and wants
You have enough money to pay the balance of your credit card, but you just pay the minimum monthly payment. Is that the best financial decision? True or False?
False
Sam really wants the new PS5, which costs $500. Sam has $200.00 in his Bank of Walsh. However, he just received a credit card with a $1000 limit. Should Sam use his credit card to buy a PS5? Why or why not?
NO! Sam should not use his credit card because he does not have enough money in his checking account to pay off his credit card bill. He will end up paying interest on the outstanding balance owing on his credit card.
What is a disadvantage of using a cheque instead of cash to pay for goods and services?
Cheques are not accepted by all stores, banks often charge an extra fee for a transaction paid by cheque.
Phillip wants to buy a watch and a book. The price of the watch is $50, and the price of the book is $20. The price does NOT include sales tax. HST is charged at 13% of the total cost which comes to $9.10. How much will it cost to buy both items including tax?
$79.10
Your school is collecting recyclables to raise $1500.00 for a children's charity over ten weeks. How much money must be raised each week to stay on track to reach this goal?
$150.00
An annual percentage paid to a financial institution based on the original amount of the loan or an annual percentage paid by a financial institution based on the original amount of the investment.
Interest Rate
Reena’s class sells cupcakes every Wednesday for ten weeks to raise money for a class trip. It costs $0.50 to make each cupcake. How much money will her class raise over ten weeks if they sell 100 cupcakes each week for $1.50 each?
$1000
If you make $500 each week and there are 4 weeks in the month, how much do you earn each month? Your expenses are $1300 each month. How much does this leave you for additional spending or to put into savings?
$500 X 4 = $2000
$2000 - 1300 = $700
You have $700 remaining for additional spending or to put into savings.
Liam is saving up to buy a video game that costs $65. Every week, his grandma gives him $8, and he spends $3 of that on candy. How many full weeks will it take Liam to save enough money to buy the video game?
He received $8 each week, and spends $3 each week. He saves $5 each week.
65/5= 13.
It would take Liam 13 weeks to save enough money.
Felicia opens a chequing account that charges a monthly maintenance fee of $10.75. She starts her account by depositing $500 at the start of January. At the end of March, how much money will she have in her account? Assume that she does not make any deposits or withdrawals over this time period.
$467.75
You earn $20 each week by doing chores. If there are 4 weeks in the month, how much money do you earn in total each month? Now, let's say you spend $5 each week on snacks. How much money do you have left at the end of the month after buying your snacks?
You earn $20 x 4 = $80 each month
You spend $5 x 4 = $20 on snacks each month
80-20= $60 left at the end of the month
What is the interest on a $3500 investment at 4% for 1 year?
$140.00
0.04 x 3500