Income and Jobs
This is the money you earn from doing a job
What is income?
This type of goal can be achieved in a short amount of time (weeks or months).
What is a short-term goal?
This is money earned for keeping your money in a savings account.
What is interest?
If you exchange your comic book for your friend’s puzzle, this is an example of
What is trading?
You borrow $500 at 8% interest.
How much interest must you repay?
What is $40?
(500 × 0.08 = 40)
This type of income is earned by working for someone else and being paid hourly or salary.
What is employment income?
This type of goal may take years to achieve.
What is a long-term goal?
Which account usually earns more interest: chequing or savings?
What is a savings account?
Banks lend money to customers in the form of this.
What are loans?
You deposit $400 into a savings account earning 4% interest.
The bank charges a $5 monthly fee.
After one year, how much money will you have?
Interest: 400 × 0.04 = 16
Total before fees = 416
Annual fees: 5 × 12 = 60
416 − 60 = $356
➡️ What is $356?
This type of income comes from owning a business.
What is business income?
Why is it important to have a plan when trying to earn money?
To know how much is needed, how to earn it, and how long it may take.
Why might someone compare interest rates at different banks before opening an account?
To earn more interest or avoid higher fees.
Name one reason someone might borrow money.
To buy a house, pay for education, start a business, cover emergencies.
You buy a video game for $55.
There is 13% tax and a $2.50 debit transaction fee.
What is the total cost?
Tax: 55 × 0.13 = 7.15
55 + 7.15 = 62.15
62.15 + 2.50 = $64.65
➡️ What is $64.65?
Name one factor that might affect how much income someone earns.
Education, experience, job demand, skills, location
answers may vary
Put these steps in order:
A. Track progress
B. Identify the goal
C. Make a plan
D. Calculate total cost
B → D → C → A
If you borrow $200 with 10% interest, how much interest would you pay?
What is $20?
What is one risk of lending money to someone?
They may not repay it.
You buy shoes for $120.
There is 13% tax.
You pay with a credit card that charges 18% interest if not paid immediately.
If you don’t pay it off and interest is applied to the total purchase price, how much will you owe?
Tax: 120 × 0.13 = 15.60
Total with tax = 135.60
Interest: 135.60 × 0.18 = 24.41
135.60 + 24.41 = $160.01
➡️ What is $160.01?
Why might two people doing the same job earn different incomes?
Different experience levels, education, seniority, hours worked, performance
Explain the difference between an earning goal and a saving goal.
An earning goal focuses on how to make money; a saving goal focuses on setting money aside for future use.
Aisha deposits $600 into a savings account that earns 3% interest per year.
Another bank offers 4% interest per year, but charges a $15 monthly fee.
After one year, which bank leaves Aisha with more money?
What is the 3% interest account with no monthly fee?
(Explanation for teacher:
3% of $600 = $18 earned
4% of $600 = $24 earned
But $15 × 12 months = $180 in fees
$180-$24 = −$156 overall loss compared to the no-fee option)
Explain how trading, lending, borrowing, and donating are different from each other.
Trading = exchange; Lending = give temporarily; Borrowing = receive temporarily; Donating = give without return.
Bank A:
• 3% interest
• No fees
Bank B:
• 5% interest
• $10 monthly fee
You deposit $1,000 for one year.
Which bank leaves you with more money?
Bank A:
1000 × 0.03 = 30
Total = 1030
Bank B:
1000 × 0.05 = 50
Annual fees: 10 × 12 = 120
1050 − 120 = 930
➡️ Bank A leaves you with more money.