Money Forms & Currency
Which country uses Canadian dollars?
Canada!!!
Is food a need or a want?
need
Name one way people earn money.
jobs...
If you have $50 and spend $20, how much is left?
$30
Does a debit card use your own money or borrowed money?
your own money
Name one physical form of money.
coins, bills...
Is a movie ticket a need or a want?
want
What does income mean?
The money you earn from a job.
You have $80. You spend $35 on needs and $25 on wants. How much can you save?
$20
How does a credit card work?
A credit card lets you borrow money from a bank to pay for something now and pay the bank back later.
Is a debit card physical or digital money?
digital
You have $30. You need school supplies but want a toy. What should you buy first? Why?
The school supplies. Because you NEED them!
You earn $8 per week. How much will you earn in 5 weeks?
$40
What is a budget?
A budget is a plan for how you will use your money.
It helps you decide how much to spend, save, and possibly share, so you don’t run out of money.
If you only have $15 in your bank account, can you use a debit card to buy something that costs $25?
no. because you dont have enough money
Why do different countries use different currencies?
Because different countries have different money systems and they manage their own currencies.
Can something be both a need and a want? Give an example.
So many examples...
You earn $12 per week. How many weeks will it take to earn $48?
4 weeks
You want to save at least $30 from $100. If you spend $75, did you reach your goal? Explain.
No
If you borrow $10 and repay $12, what is the extra $2 called?
interest
If someone from Japan comes to Canada, can they use Japanese yen in a Canadian store? Why or why not?
No! The person needs to exchange the Japanese yen into Canadian dollars to pay.
Explain why needs should usually come before wants when making a budget.
because needs are necessary for survival and daily life, while wants are extra things we can live without.
If two jobs pay different amounts, what should you think about before choosing one?
You should consider how many hours you work, how difficult the job is, how far you have to travel, and whether you enjoy the work. Sometimes a job that pays a little less may be better if it gives you more time, less stress, or more experience.
What is a trade-off?
A trade-off is when you choose one thing and give up another because you can’t have both.
Is using credit always a bad idea? Explain your thinking.
No, using credit is not always a bad idea.
Credit can be helpful when you need to pay for something important and do not have enough money right away, as long as you have a plan to repay it. However, it can become a problem if you borrow money for things you do not need or if you cannot pay it back, because you may have to pay extra money called interest.
The key is to use credit carefully and responsibly.