Introduction to Finance
Fill in the blank: I __________ all my coins in a piggy bank.
save
What is cash?
Cash is money in the physical form of currency, such as coins and bills.
Lauren buys a new baseball glove for $55. She also buys a pack of five baseballs for $22. How much does she spend in total?
Lauren spends $77 in total.
What is the minimum age for working in Ontario?
The minimum age for working in Ontario is 14-years-old. Sometimes, younger kids can earn money by having a lemonade stand or doing small chores for family members. When you are a kid, your main job is going to school and learning!
Adults need to earn money to support their basic needs. What are basic needs for all humans?
Basic needs include: food, water, air, shelter, adequate clothing.
Fill in the blank: He is going to __________ money to charity.
donate
What is a cheque?
A cheque (pronounced “check”) is a note that orders a bank to pay an amount of money from one bank account to the person or business named on the cheque.
Timothy buys a new backpack for $35. He also buys a lunch bag for $17 and a water bottle for $12. How much does he spend in total?
Timothy spends $64 in total.
What is the minimum wage in Ontario?
The minimum wage in Ontario is $16.55 in 2024.
How do you decide when to spend or save your money?
There are many things that could affect this decision. The factors affecting this decision include income, expenses, family values, culture, stage of life, priorities, lifestyle, and social factors.
cheque
What is a debit card?
A debit card is a plastic card that the cardholder can use to pay for purchases. When the card is used, the purchase amount is deducted directly from the cardholder's bank account.
Aiden and Sheldon buys four cans of pop. Each can of pop costs $3. How much do they pay in total?
Aiden and Sheldon spends $12 in total.
What does earning money mean?
Earning money means getting money, usually from work. People like to track how much money they earn to know how much is going in their bank account.
Crosby found a great deal on candy at Costco. How could Crosby get more information about the product?
Crosby can get more information about the product by visiting Costco's website or reading the packaging.
Fill in the blank: My dad __________ money in the stock market.
invests
What is a credit card?
A credit card is a plastic card issued by a financial institution that allows a cardholder to obtain funds to buy things. Cardholders must pay back the money borrowed, plus interest, by a certain date.
At the market, Sean buys a huge bucket of apples for $45. He buys a yummy apple pie for $12. How much does he spend?
Sean spends $57 in total.
What does saving money mean?
Saving money means putting it away for future use. Most people save their money in a bank account. People like to have money saved to make big purchases or to be ready for unexpected expenses.
Giselle wants to use her birthday money to get a cell phone. She decided to browse both used and new phones online with her mom.
List and explain two tips that Giselle could use to help distinguish between unfair and reasonable prices.
Tip 1: Giselle can look at multiple listings of used phones. Explanation: This will help Giselle determine what typical used phones cost. This will allow her to spot a deal.
Tip 2: Giselle should look at the price of a new phone. Explanation: Giselle will know that a used phone should cost significantly less than the price of a new phone.
From the case study we read, what was Odette's Big Purchase?
A fitness tracker
What is an electronic wallet?
An electronic wallet is a modern form of payment that involves tapping a smartphone or smartwatch that has apps or payment cards attached to a bank account.
Aaryana buys a new volleyball and knee pads for $37 and pays with a $50 bill. How much change does Aaryana get?
Aaryana will get $13.
What is the difference between a need and a want?
A need is something that you must have to survive (eg. clothing, shelter, food). A want is something that you desire to have, but do not need.
What are some factors to consider before making a purchase?
- Whether the product can be purchased elsewhere for cheaper
- Whether the product is available used/second hand
- Reviewing customer feedback and reviews
-Considering marketing bias or misleading advertisements
- The environmental impact of producing their item
- Does the company have any social or environmental initiatives