Currency Conversions
What is worth more, the Canadian dollar or the US dollar?
What is the US dollar?
What is the term for the money you earn from a job, allowance, or other sources?
What is income?
What is interest?
What is the fee a borrower pays a lender for the use of borrowed money?
People might choose to take out a loan for education because it can help them earn a higher income in the future.
What is True?
What does it mean to "live within your means" in terms of your spending habits?
What is spending less than your income?
If you exchange 100 Euros for Canadian Dollars, and the rate is 1 Euro = 1.50 CAD, how much will you receive in CAD?
What is $150 CAD?
What are two common types of expenses people have each month? (Hint: One is a fixed expense, and the other is a variable expense.)
Fixed (e.g., rent, utilities) and variable (e.g., groceries, entertainment).
If you deposit $1000 in a savings account that offers 3% interest annually, how much interest will you earn in one year?
What is $30?
People often take out loans for personal items like electronics only because they are bad at finances.
What is True?
What is the difference between a "want" and a "need" when planning your spending?
What is, a need is essential while a want is a desire?
If a hockey stick costs 150 British Pounds (GBP), and the exchange rate is 1 GBP = 1.75 CAD, how much will the hockey stick cost in CAD?
What is $262.50 CAD?
If you make $150 per week and spend $50 on food, $40 on transportation, and save the rest, how much do you save each week?
What is $60?
$400: You borrow $500 from a bank at an interest rate of 4%. How much interest will you owe at the end of one year?
What is $20?
Borrowing money is always a bad financial decision because you end up paying more in interest over time.
What is False?
You see a pair of shoes at a store for $150. You originally didn't want the shoes but they offered you a 50% off discount. How much do you save if you buy the shoes?
What is nothing, you spend $75?
A ticket to a concert in Australia costs 100 Australian Dollars (AUD). If the exchange rate is 1 AUD = 0.80 CAD, how much will the ticket cost in CAD?
What is $125 CAD?
You want to buy a new phone for $650. If you save $100 per month and are paid at the end of each month, how many months will it take to save enough?
What is 7 months?
A credit card company charges you 18% annual interest on your balance compounded every 6 months. If you owe $1000, how much interest will you owe after 6 months if you don't pay it off?
What is $90?
Some people choose to borrow money through a payday loan because aren't smart enough to find a different loan.
What is False?
You're shopping for a snowmobile that costs $10,000. You have a budget of $8,500. What steps could you take to make this purchase fit within your budget?
Many correct answers
If you are traveling from Japan, and the Yen (JPY) to CAD rate is 1 JPY = 0.01 CAD, how many Japanese Yen will you get if you exchange $400 CAD?
What is 40,00 JPY?
You make $2500 per month. After budgeting for rent ($1200), utilities ($250), groceries ($300), and savings ($300), how much money do you have left to spend on other things?
If you borrow $2000 to buy a used car at 5% simple interest for two years, how much interest will you pay over the two years?
What is $200?
Borrowing money to invest in stocks is a good strategy for most people, as the stock market generally always provides a higher return than the interest on loans.
False
You're deciding whether to buy a used bike for $300. What questions should you ask or factors should you consider before making the purchase to ensure it's a smart decision?
Many correct answers