33 Questions
What do taxes help the government do?
Build and repair roads
What is the main purpose of managing your own money?
To make your own purchases without asking parents for money
What is an important consideration when buying items with saved money?
Paying attention to sales tax
What is the significance of having your own money?
It is a step towards becoming an adult
What is the total amount you would pay if you only make the minimum payment each month on a $2000 balance?
$3443.76
Why is it advised to pay more than the minimum payment every month?
To pay off the balance faster and reduce interest over time
What does the photo accompanying the text depict?
A person counting money
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
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
What advice does the Financial Consumer Agency of Canada offer to teenagers?
Managing taxes
What type of sales tax is the Goods and Services Tax, or GST?
Federal sales tax
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
What is the exchange rate between the Canadian Dollar (CAD) and the U.S. Dollar (USD) mentioned in the article?
0.73
What factor determines how much the Canadian Dollar is worth when compared to other currencies?
Financial market demand
What is the Provincial Sales Tax (PST) in Quebec known as?
Quebec Sales Tax (QST)
Which type of sales tax has a different rate depending on the province in Canada?
Provincial Sales Tax (PST)
What does the exchange rate of 0.73 between CAD and USD mean for each currency?
$1 USD = $0.73 CAD
In which provinces are the GST and PST not combined into one single sales tax?
British Columbia and Manitoba
What determines how much you're actually paying when buying from American stores?
Daily exchange rate
What type of sales tax is the Harmonized Sales Tax (HST)?
Combined sales tax
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
Where can one find out about the daily exchange rates between Canada and the United States?
Financial market websites
What is the most common way to save money for larger purchases?
Putting money in a savings account
What type of bank account is typically used for storing money to use regularly, such as for paying bills?
Chequing account
What is interest in the context of a savings account?
The money the bank pays for storing your money
What is the typical interest rate for a regular savings account?
0.01% per day
What is a bank fee?
The fee charged by the bank for their services
What do you typically receive along with your bank account?
A bank card (debit card)
What is credit in the context of financial institutions?
Money given to you as a loan with interest
How often is the interest on credit calculated?
Daily
How much of the original $2000 balance goes towards paying off the interest if the minimum payment is made?
$26.40
If you owe $2000 on a credit card with an annual interest rate of 16%, how much is the daily interest rate?
0.044%
What kind of account is recommended for storing money to use regularly?
Chequing account
Learn about the different approaches for saving up for small and large purchases, as well as the use of credit. Discover the common methods for saving money and the various types of bank accounts available.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
