Money Matters 💰
What are two ways people can manage their money?
Saving and budgeting
What is the difference between a debit card and a credit card?
Debit = money from your bank
Credit = borrowed money that must be paid back
What is an example of a need and an example of a want?
Need = food, shelter
Want = toys, video games
You buy a sandwich for $5 and pay with a $10 bill. How much change do you get?
10 - 5 = $5
What is one way to tell if something is reasonably priced?
Compare prices, read reviews, check for discounts
What is the difference between earning money and spending money?
Earning = getting money
Spending = using money to buy things
Name two electronic payment methods.
E-transfer, electronic wallet, cryptocurrency, online banking, etc.
What is it called when someone buys something without thinking about it?
Impulse buying
If you pay $20 for a pizza that costs $12, how much change will you get back?
20 - 12 = $8
If you have a budget of $20 and want to buy a $15 toy, how much will you have left?
20 - 15 = $5
What is an example of an unexpected expense that someone might save money for?
Car repairs, emergency medical bills, house repairs
Before cash was invented, how did people exchange goods and services?
Bartering/trading
If you save $10 every week, how much money will you have after 6 weeks?
10 × 6 = $60
What is one way to break down $5 in coins?
5 loonies, 2 toonies + 1 loonie, etc
What is one thing you should consider when buying something expensive?
Is it a need or a want? Is it the best price? Will it last long?
What is the minimum age to get a job in Ontario?
14 years old
What is one benefit of using cash instead of credit?
No interest, can’t go into debt, easier to track spending
Name one reason why it’s important to compare prices before making a purchase.
To get the best deal, to save money, to avoid scams
You buy a book for $15 and a toy for $23. You pay with a $50 bill. How much change do you get?
50 - 15 - 23 = $12
If you want to buy a new phone, should you check only one store or compare multiple stores?
Compare multiple stores to get the best deal
What are three ways someone can earn money?
Job, selling items, doing chores, starting a business, investing, etc.
What type of currency exists only in digital form?
Cryptocurrency
What is one advantage and one disadvantage of using a credit card?
Advantage: Can buy things you don’t have cash for
Disadvantage: Interest, possible debt
Why do cashiers try to use the fewest number of coins and bills when giving change?
To make it easier for customers to carry and count
Why do stores offer sales and discounts?
To encourage people to buy more and attract customers