Saving for Small and Large Purchases

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What do taxes help the government do?

Give out free smartphones to citizens

Fund space exploration

Build and repair roads (correct)

Provide free meals for everyone

What is the main purpose of managing your own money?

To feel anxious about handling money

To avoid thinking about purchases

To make your own purchases without asking parents for money (correct)

To complicate buying things

What is an important consideration when buying items with saved money?

Ignoring the price tag

Ensuring the items are the latest model

Paying attention to sales tax (correct)

Asking for discounts at the store

What is the significance of having your own money?

It is a step towards becoming an adult (D) Signup and view all the answers

What is the total amount you would pay if you only make the minimum payment each month on a $2000 balance?

$3443.76 (A) Signup and view all the answers

Why is it advised to pay more than the minimum payment every month?

To pay off the balance faster and reduce interest over time (D) Signup and view all the answers

What does the photo accompanying the text depict?

A person counting money (B) Signup and view all the answers

What is the purpose of the Financial Consumer Agency of Canada's credit card calculator app?

To determine how long it will take to pay off a credit card balance (B) Signup and view all the answers

How much would it cost to buy a bicycle in Ontario if it is priced at $299.99 and the sales tax is 13%?

$338.98 (A) Signup and view all the answers

What advice does the Financial Consumer Agency of Canada offer to teenagers?

Managing taxes (C) Signup and view all the answers

What type of sales tax is the Goods and Services Tax, or GST?

Federal sales tax (B) Signup and view all the answers

In which provinces are the GST and PST combined into one single sales tax known as the Harmonized Sales Tax, or HST?

Ontario and Manitoba (D) Signup and view all the answers

What is the exchange rate between the Canadian Dollar (CAD) and the U.S. Dollar (USD) mentioned in the article?

0.73 (D) Signup and view all the answers

What factor determines how much the Canadian Dollar is worth when compared to other currencies?

Financial market demand (C) Signup and view all the answers

What is the Provincial Sales Tax (PST) in Quebec known as?

Quebec Sales Tax (QST) (D) Signup and view all the answers

Which type of sales tax has a different rate depending on the province in Canada?

Provincial Sales Tax (PST) (D) Signup and view all the answers

What does the exchange rate of 0.73 between CAD and USD mean for each currency?

$1 USD = $0.73 CAD (C) Signup and view all the answers

In which provinces are the GST and PST not combined into one single sales tax?

British Columbia and Manitoba (B) Signup and view all the answers

What determines how much you're actually paying when buying from American stores?

Daily exchange rate (A) Signup and view all the answers

What type of sales tax is the Harmonized Sales Tax (HST)?

Combined sales tax (D) Signup and view all the answers

What is the value of each Canadian Dollar (CAD) when compared to the U.S. Dollar (USD) based on an exchange rate of 0.73?

$1 USD = $0.73 CAD (C) Signup and view all the answers

Where can one find out about the daily exchange rates between Canada and the United States?

Financial market websites (C) Signup and view all the answers

What is the most common way to save money for larger purchases?

Putting money in a savings account (A) Signup and view all the answers

What type of bank account is typically used for storing money to use regularly, such as for paying bills?

Chequing account (B) Signup and view all the answers

What is interest in the context of a savings account?

The money the bank pays for storing your money (D) Signup and view all the answers

What is the typical interest rate for a regular savings account?

0.01% per day (B) Signup and view all the answers

What is a bank fee?

The fee charged by the bank for their services (B) Signup and view all the answers

What do you typically receive along with your bank account?

A bank card (debit card) (D) Signup and view all the answers

What is credit in the context of financial institutions?

Money given to you as a loan with interest (B) Signup and view all the answers

How often is the interest on credit calculated?

Daily (A) Signup and view all the answers

How much of the original $2000 balance goes towards paying off the interest if the minimum payment is made?

$26.40 (C) Signup and view all the answers

If you owe $2000 on a credit card with an annual interest rate of 16%, how much is the daily interest rate?

0.044% (B), 0.044% (C) Signup and view all the answers

What kind of account is recommended for storing money to use regularly?