Show:
Methods of Payment
Cost of Transactions
Financial Management
Unit Rates
Other
100

What are three methods of payment that can be used to purchase goods and services?

  • cash
  • cheque
  • barter
  • trade 
  • debit cards 
  • credit cards 
  • electronic wallets 
  • e-Transfers
  • cryptocurrency
100

How can you calculate the total cost of three items priced at $8.00 each?

To calculate the total cost of two items priced at $8.00 each, you multiply the price of one item by the number of items.

So, in this case:

Total cost = Price per item multiplied by number of items = $8 x 3= $24

Therefore, the total cost for three items priced at $8 each would be $24.


100

How does creating a budget help in managing finances effectively?

- A budget helps you see exactly how much money you're bringing in and where it's going out.

-With a budget, you can see where you might be spending too much. It helps you cut back on unnecessary expenses and stay within your means.

-Budgeting lets you plan for things you want, like a vacation or a new car. You can save up for these goals by setting aside money each month.

-Budgeting helps you build up savings for unexpected costs, like car repairs

100

How can you calculate the unit rate of a product priced at $15 for a pack of 3?

To calculate the unit rate of a product priced at $15 for a pack of 3, you divide the total price by the total quantity. Unit rate = $15 ÷ 3 = $5

100

What is the sales tax in Ontario?

13%

200

Name a method of payment that involves transferring money electronically between bank accounts.

E-transfer

200

When paying with a $50 bill for items totaling $37.25, how much change will you receive?

To calculate the change you will receive when paying with a $50 bill for items totaling $37.25, you subtract the total cost of the items from the amount you paid.

So, in this case:

Change = Amount paid - Total cost = $50 - $37.25 = $12.75

Therefore, you will receive $12.75 in change.

200

Explain these terms in your own words: spending, saving, earning, investing, and donating.

spending: using money to purchase goods or services.

saving: setting aside a portion of your income for future use rather than spending it immediately.

earning: acquiring money through work, investments, or other means.

investing: using your money to acquire assets with the expectation of generating income or appreciation over time.

donating: giving money, goods, or services to individuals, organizations, or causes without expecting anything in return.

200

Calculate the unit rate of a service that costs $60 for 2 hours.

Unit rate = $60 ÷ 2 hours = $30 per hour

Therefore, the unit rate of the service is $30 per hour.

200

What is the difference between a good and service? Provide an example of both.

Good:

  • A good is a tangible, physical product that can be seen, touched, and possessed.
  • Example: A smartphone is a good because it is a physical product that can be held and used for communication, internet browsing, and other functions.

Service:

  • A service is an intangible activity or task provided by one party to another.
  • Example: Getting a haircut at a salon is a service because it involves the performance of a task (cutting and styling hair) by a skilled professional for the benefit of the customer.
300

What is a traditional form of payment that involves writing a signed document directing a bank to pay a specific amount of money to a person or business?

a cheque

300

You buy two items priced at $9.99 each and one item priced at $14.50. How much change will you receive if you pay with a $50 bill?

To find out how much change you'll receive when paying with a $50 bill for items priced at $9.99 each and one item priced at $14.50, you first need to calculate the total cost of the items.

Total cost = (Price of first item + Price of second item + Price of third item)

Total cost = ($9.99 + $9.99 + $14.50) = $29.98 + $14.50 = $44.48

Then, to find out the change you'll receive, subtract the total cost from the amount you paid.

Change = Amount paid - Total cost = $50 - $44.48 = $5.52

Therefore, you will receive $5.52 in change.

300

Explain the difference between credit and debt. 

Credit:

  • Credit refers to the ability to borrow money or access goods or services with the understanding that you will pay for them later.
  • It provides financial flexibility by allowing you to make purchases or investments when you may not have the cash on hand.
  • Credit can be obtained through various means, such as credit cards, loans, lines of credit, or mortgages.

Debt:

  • Debt, on the other hand, is the amount of money that you owe to creditors or lenders as a result of borrowing money or using credit.
  • It represents a financial obligation that you are required to repay, typically with interest, over a specified period.
  • Debt can arise from various sources, including credit cards, student loans, mortgages, auto loans, personal loans, or lines of credit.
300

A car travels 300 kilometers on 15 liters of gasoline. What is the unit rate of kilometres per litre?

To find the unit rate of kilometers per liter for the car that travels 300 kilometers on 15 liters of gasoline, divide the total distance traveled by the total amount of gasoline consumed.

Unit rate = Total distance ÷ Total gasoline consumed

In this case:

Total distance traveled = 300 kilometers Total gasoline consumed = 15 liters

So, the unit rate would be:

Unit rate = 300 kilometers ÷ 15 liters = 20 kilometers per liter

Therefore, the unit rate of kilometers per liter for the car is 20 kilometers per liter.


300

What is the difference between a want and a need? Provide an example of both.

Need:

  • Needs are essentials required for survival, well-being, and basic human functioning.
  • e.g., food, water, shelter, clothing

Want:

  • Wants are desires or preferences that are not essential for survival but enhance quality of life or provide enjoyment.
  • e.g., new game, designer clothing, 
400

What is the difference between a debit card and a credit card as methods of payment?

Debit Card:

  • Linked directly to your checking account.
  • When you use a debit card, the money is deducted directly from your account.
  • You can only spend the money you have in your account.
  • Can be used to withdraw cash from ATMs.
  • Typically doesn't involve interest charges because you're using your own funds.
  • Often used for everyday purchases like groceries, gas, etc.  
  • Credit Card:
  • Allows you to borrow money from the card issuer up to a certain credit limit.
  • When you use a credit card, you're essentially taking out a short-term loan.
  • You're expected to pay back the borrowed amount within a certain period (usually monthly).
  • If you don't pay the full balance by the due date, you'll incur interest charges on the remaining balance.
  • Can be used for purchases, online transactions, and cash advances (but cash advances usually come with extra fees and higher interest rates).
  • Offers various benefits like rewards programs, cashback, purchase protection, etc.
  • Helps build credit history when used responsibly.
400

Calculate the total cost of 2 items priced at $6.50 each, including 13% sales tax.

To calculate the total cost including sales tax, you can follow these steps:

  1. Calculate the total cost of the items before tax: 2×$6.50=$13.00
  2. Calculate the amount of sales tax: 13% of $13.00.
  3. Add the sales tax to the total cost of the items.

Let's compute:

  1. Total cost before tax: 2×$6.50=$13.00.
  2. Sales tax: 13% of $13.00 = 0.13 x 13.00 = 1.69
  3. Total cost including tax: $13.00+$1.69=$14.69

So, the total cost of 2 items priced at $6.50 each, including 13% sales tax, is $14.69.

400

Name two examples of investments and describe how they can help in building wealth.

Stocks:

  • When you buy stocks, you're buying ownership in a company.
  • If the company does well and its stock price goes up, the value of your investment increases.

Real Estate:

  • Real estate investment involves buying property, like houses or apartments, to rent out or sell for a profit.
  • Over time, the value of the property can increase, allowing you to sell it for more than you bought it for.
400

Allie buys a 12-pack bag of Doritos for $26. What is the unit rate for 1 pack of Doritos?

To find the unit rate for 1 pack of Doritos, we divide the total cost by the number of packs:

$26 ÷ 12 packs = $2.17 per pack

So, the unit rate for 1 pack of Doritos is $2.17.

400

What is the equation for finding total savings?

income - expenses = total savings