Taxes
What term describes the money individuals must pay on their income, to the government that supports public services?
What is Income tax?
This electronic method of transferring money allows you to send funds from your bank account to another person's account almost instantly.
What is an "e-transfer" or "electronic funds transfer"?
This term describes the additional amount of money paid or earned for the use of borrowed money.
What is Interest?
Name a method of payment?
What is cash, credit or debit card, cheque, mobile wallet?
Name one estimation strategy?
What is, Rounding?
Is it true or false that sales tax is applied to goods and services at the point of purchase?
True
Cash is the only form of money transfer available for making purchases online.
False
In decimal form, what is the equivalent of 7%?
What is 0.07?
A device like a phone or watch that connects to tour bank account?
What is Electronic Wallet?
Round off 4,382 to the nearest ten.
What is 4,380 ?
How do property taxes contribute to funding local communities?
What is Roads, Garbage, Essential Services?
A card that is worth a specific amount of money such as $25, $50, or $100. It can be a plastic card or an e-card and it can be used at specific business.
What is gift card?
What is the first step in calculating the interest on a bank loan after converting the interest rate to a decimal?
What is multiply the amount borrowed (principal) by the decimal interest rate?
Name a Pro of making a payment with cash?
Pro: Using cash allows you to stay in your budget to avoid overspending.
Round off 6,776 to the nearest hundred.
What is 6,800?
Name one example of a public service funded by taxes.
What is Healthcare/Education?
What is the term for a written order directing a bank to pay a specific amount of money from a person's account to the person in whose name the check has been issued?
What is a "cheque" ?
What is the final step in calculating the total amount to be repaid on a bank loan, including both the principal and interest?
Add the calculated interest to the principal amount to find the total amount to be repaid?
Name a Con of using a credit card as a method of payment?
Con: you must pay the money back that you borrowed on time according to set conditions otherwise you may need to pay interest or additional charges.
Round off 3,456 to the nearest thousand.
What is , 3,000?
What is the the percetage of sales tax we pay in Ontario?
What is 13%?
A plastic card issued by a financial institution that allows a cardholder to pay for purchases. Cardholders must pay back the money borrowed according to the institution’s set terms.
What is Credit Card?
If you borrow $200.00 from the bank and the interest rate is 7%, how much interest would you have to pay after one year?
What is $14.00 ?
A plastic card with a microchip that is connected to your bank account?
What is Credit Card or Debit Card?
Round off to the nearest thousand and estimate the total for $5,700 + $2,200 .
What is $8,000 ?