Taxes
True or false?
When you buy something at a yard sale you need to pay tax.
False
True or false? You can only use a debit card at a bank machine for the bank that gave you the card.
False: Most cards can be used for withdrawals at any machine, but there might be a fee
What is a card that people use to buy things today and pay for them later?
A. Gift card
B. Birthday card
C. Credit card
D. Debit card
C. Credit card
True or false?
The word “expense” is used in a budget
to refer to money that you might plan to
spend on anything at all.
True
Notebooks cost $12 for a package of 3. How much is that for each notebook?
A. $3
B. $4
C. $36
D. $6
B. $4
This is a way to figure out what percent of a money amount: take one-tenth and then add half of that.
A. 50%
B. 15%
C. 10%
D. 10.5%
B. 15%
When banks agree to lend money, they make money by charging this extra amount.
A. Transaction fees
B. Interest
C. Tax
D. Service charge
B. Interest
True or false? When you receive a gift card, you have to use it at the same place it was bought for the exact amount on the card.
False: A gift card from a chain store can be used at any location of that store, and you can use part of the gift card value in one transaction.
What does the word “financial” mean?
A. Having to do with adult issues
B. Being able to buy things when you want
C. Thinking about a budget
D. Anything having to do with money
D. Anything having to do with money
A teenager made $60 babysitting and then spent $18.95 on books and $4.45 on snacks. About how much was left to save?
A. Between $25 and $28
B. Between $35 and $40
C. About $30
D. About $40
B. Between $35 and $40
A toy has a price of $9.99 on it. Estimate the tax that will be charged on it.
A. $1.30
B. Nothing, toys have no tax.
C. $13
D. $0.70
A. $1.30
When a bank pays you for saving your money with them, they pay you this:
A. Attention
B. Rewards
C. Interest
D. Savings
C. Interest
When a person goes online to send money from their account to somebody else’s, they are doing this:
A. Using an e-wallet
B. Making a donation
C. Making an e-transfer
D. Following a budget
C. Making an e-transfer
True or false? The word “transaction” refers to any exchange of money — buying or selling an item, putting money into a bank account, or withdrawing it.
True
Kip uses a $25 gift card for a purchase of $23.78. What value is left on the card?
A. Nothing, he can only use the card once.
B. $2.22
C. $1.22
D. $1.25
C. $1.22
Harmonized Sales Tax describes a combination of these two taxes.
A. Value-added tax (VAT) and sales tax
B. Income tax and sales tax
C. Provincial Sales Tax (PST) and Goods and Services Tax (GST)
D. Provincial sales tax (PST) and regular sales tax
C. Provincial Sales Tax (PST) and Goods and Services Tax (GST)
A family planning to buy a new house might need one of these from a bank:
A. A new home inspection
B. A new savings account
C. A mortgage
D. A new job
C. A mortgage
Manny wrote a cheque to pay a bill. What did he need to fill in?
A. The amount to pay and who to pay it to
B. His name and bank account number
C. How he wanted to pay the bill
D. How he spent the money
A. The amount to pay and who to pay it to
What does it mean for a person to invest their money?
A. Using money they have to make more money
B. Putting money into a bank account
C. Exchanging money with another person
D. Having a job
A. Using money they have to make more money
Sam uses a $15 gift card for a purchase of $21.45. How much extra does Sam have to pay?
A. $5.45
B. $6.45
C. Nothing; a gift card covers the whole cost.
D. $6.43
B. $6.45
The Government of Canada collects this tax when people buy things such as furniture or clothes.
A. Provincial sales tax (PST)
B. Value-added tax (VAT)
C. Harmonized Sales Tax (HST)
D. Goods and Services Tax (GST)
D. Goods and Services Tax (GST)
If somebody wants to get a debit card, then they would need this type of bank account:
A. A chequing account
B. A wallet
C. An investment account
D. A savings account
A. A chequing account
Why might a customer join a loyalty program?
A. To be part of the crowd
B. To stay on budget
C. To be able to shop in town
D. To get rewards, special deals, or free stuff
D. To get rewards, special deals, or free stuff
What is a budget?
A. Lots of money
B. A plan about how to make and spend money (or a limit on how much to spend a certain way)
C. Being unable to pay for things
D. A boss
B. A plan about how to make and spend money (or a limit on how much to spend a certain way)
A student collected $19 for each kilometre of a 22 km walkathon. What was the total amount the student raised after completing the walk?
A. $418
B. $4180
C. $41
D. $440
A. $418