Forms of Payment
Sophia pays for her book at the bookstore. She uses a card that can only be used at a specific store. What kind of card did she use?
Gift Card
Give an example of a short term financial goal.
Answers will vary. Examples:
- Buying a new pair of shoes.
- Donating $50 to charity
What is an interest rate?
Interest rate is the amount charged over and above the principal amount by the lender from the borrower.
Name 4 things that can be done with money.
Spend, Save, Invest, Donate.
- Rewards
- Building Credit
Name 2 factors that could impact/change someone's financial goals.
- Loss of job
- Injury
- Marriage
- Birth of a child
A financial institution that is owned and controlled by its members.
A credit union.
Name 2 types of bank accounts.
Chequing, savings
What does EMT stand for?
E-Mail Money Transfer/Electronic Money Transfer
Graeme is saving for a new PS5. It costs $600. If he saves $40 per week, how many weeks will it take him to save enough money?
15 weeks
A financial institution designed to keep your money safe.
A bank
Taking money out of your account is called a _______.
Withdrawal
Name a disadvantage of using cash.
- Can be lost or stolen
- Larger/heavier than a card
SMY 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?
Bob needs to take out a $50,000 loan for his business. Bank A offers the loan with a 2.5% interest. Bank B offers the loan with a 2.05% interest. Which bank offers the best deal, based on interest rate?
Bank B
Putting money into your bank account is called a _______.
Deposit
Ralph receives money by bringing a signed document to his bank that states how much money is give to him on a specific date.
Cheque
Ms. Frangione'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
Joanna works at a bank that offers a line of credit of up to $100 000 with interest of 3%. Ivan works at a bank that offers a line of credit of up to $100 000 with interest of 3.5%. Which bank will make more money when offering a line of credit to a customer based on the interest rate?
Ivan's bank.
Name 3 goods and 3 services.
Goods are tangible items that can be felt, touched or seen.
Services are intangible that cannot be seen, felt, touched or seen; but are experienced by the consumer.