CREDIT
What is credit?
Credit is the ability to borrow money or access services with the understanding that you will return it in a certain time.
What is Debt?
What is tax?
What is a Budget?
A budget is a plan for how you use your money!
Is it bad to have a bad credit?
Yes
No
Yes
Shiza borrows money from Cindy and has 1 more month to return the money. Is Shiza in debt?
a) yes
b) no
Yes
Shiza is in debt because she has to return some money.
What is the Percentage of tax in Ontario, Canada?
13% tax
The Harmonized Sales Tax (HST) of 13% is a combination of the Goods and Services Tax (GST) of 5% and the Ontario provincial tax of 8%.
Why is having a budget important?
A budget is important because it is good to keep you in check. You shouldn't use too much money on things you dont need.
Evie, Simi, and Janvi want to go buy many groceries for a surprise party for Ms. Figotina's 30th birthday. They dont know if they should use their credit or there debit to buy it
a) credit
b) debit
c) depends
CREDIT
Evie goes to the bank and borrows $100. She needs to pay for a $65 necklace for her mom. How much money does she still have and is she in debt to return it?
She has $35 left that she can use and yes she is in debt to the bank until she pays the $100 back plus interest.
100-65=35
What are examples of taxes we pay in Canada?
Income Tax, Sales Tax, Property Taxes
Your parents give you a budget of $36 for Video games. You decide to use $27 to buy a used version of Mario for your PS4. Explain how much money is left in your budget.
36-27 = 9
You have $9 left in your budget for video games.
Charis and Daphne are planning on buying a boat on credit for use during summer. Charis will be the main signer for the loan, with Daphne being the co-signer
Should they use credit?
a) yes
b) no
c) depends
Depends
Aaron and Luxshan are taking a road trip. They go to a gas station and use the money they borrowed from Aarons mom. They borrowed $400 for the road trip. They used it all and got back home. They both have jobs and they are going to use that money to return the $400. They both need to earn ____ each to repay Aarons mom.
They need to get $200 each.
200+200= 400
Jayden buys a $20.00 gift for Jason. How much is the gift plus sales tax?
20 x 0.13= 2.06
$20.00 + $2.06 = $22.06
The gift with sales tax is $22.06
You want to buy a toy and you have $30 in your budget. The toy is $18. You buy the toy with $18 in your budget. How much money do you have left in your budget?
30 - 18 = 12
You have $12 left in your budget.
At the end of the month Haruto had to pay his bills to the government based on what he used with his credit.
He needs to pay his home bills, food bills, health insurance bills, etc. He soon realizes that he needs some more time to earn the money to pay his bills.
Do you know what can happen if you turn your bills in late?
you can get additional late fees or your interest rates may rise.
Eva asks Evie if she can borrow $15. Evie agrees, so Eva gets something and uses all the money. Eva now needs to return $15. In what way can she return it?
She can return the $15 in many ways including
1. A online platform for sending money to people
2. Cash
3. A check
Annabelle buys a $34.06 water bottle for the new school year. With 13% sales tax, how much will it cost in total?
$34.06 x 0.13 = $4.43
$34.06 + $4.43 = $38.49
It will cost $38.49 in total
Walmart sells 10 granola bars for $7.00. Supermart sells 19 for $9.17. Which is a better deal?
Supermart
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