Important Terms
What is the definition of Currency?
Coins and bills that a country uses to buy and sell goods and services.
You buy 4 apples for $2. What is the cost per apple?
$0.50 per apple
The following is the formula for which type of interest:
Interest = p x r x t
Simple Interest
the name for the value of one country's money in terms of another’s.
What is the HST in Canada
13%
Changing money from one type of currency into another.
A pack of 12 pens costs $6. A single pen from another brand costs $0.55. Which is the better buy?
The pack of 12 pens?
What is interest?
Interest is the cost of borrowing money or the reward for saving money.
If 1 USD = 1.35 CAD, how many Canadian dollars would you get for 10 USD?
13.50 CAD
How do you calculate HST
Multiple the price by 1.13
What is the definition of Exchange Rate?
A number that shows how much one country’s money is worth in another country.
Two stores sell the same water bottle. Store A sells 3 for $13.50. Store B sells 5 for $22. Which is the better deal and what is the cost per bottle?
Store B - $4.40 per bottle?
You deposit $1,000 in a bank account at 5% simple interest per year. How much interest will you earn in 3 years?
$150
You have 50 Euros and the exchange rate is 1 Euro = 1.10 USD. How many U.S. dollars will you get?
55 USD
A $40 shirt is on sale for 25% off. What is the discount amount?
$10
In terms of budgeting and finances, what is a fixed expense? - provide an example
An expense that is the same every time
Example: Rent, phone bill, etc.
A student earns $120 over 8 days of dog walking, working the same number of hours each day. If she worked a total of 16 hours, what is her hourly rate?
$7.50 per hour
You invest $500 at 6% compound interest, compounded yearly, for 2 years. How much money will you have at the end?
$561.80
If you travel to Japan and 1 Canadian dollar equals 110 yen, how many yen will you get for 20 Canadian dollars?
2,200 yen
An item costs $50 before tax. HST is 13%. What is the final price?
$56.50
In terms of budgeting and finances, what is a variable expense? - provide an example
A variable expense changes depending on use
Example: Entertainment, food, etc.
You can subscribe to a streaming service for $12/month or pay $130 for the year. Which is the better deal and by how much per month?
The yearly plan, saving about $1.67 per month?
Interest = p x (1 x r)t
An item costs 1,500 Mexican pesos. If 1 CAD = 12 pesos, how much does the item cost in Canadian dollars?
125 CAD
A jacket costs $120. It’s 30% off, then 13% HST is added. What is the final price?
$90.48