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Financial Literacy
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What is a budget?
A calculation of income (money made) and expenses (money spent) during a time period
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What is financial literacy?
The ability to read and understand money.
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I bought 5 books for $100. How much is the unit price of 1 book?
$20
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What is a disadvantage to using a debit or credit card?
Easy to spend more money than you planned, impulse shopping, credit card debt, interest rates
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What is a disadvantage to using cash?
If you run out you are done, not good for big purchases, can be stolen easier
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What is debt?
Money that you owe
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In January I made $20 shoveling snow, $10 from selling a book, and $5 from feeding a friends cat. What was my total income?
$35
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In February I made $2000, I spent $2000 on expenses. Is my budget balanced?
Yes, but you have no savings
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What is a credit card?
A card that allows you to buy using the banks money
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I bought 3 candies for $9, what is the unit price of 1 candy?
$3
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Rent, mortgage, car payments, student loans, and groceries are all examples of what?
Expenses
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What is cryptocurrency?
an unregulated form of money that can be traded digitally
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Paycheque, allowance, birthday money, and paper route money are all examples of what?
Income
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What is an advantage to using cash?
Easy to stay on budget, do not need a credit/debit machine to use, more visual etc.
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In January I paid $100 for rent, $50 for food, and $25 for a necklace. What was my total expense in January?
$175
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I made $2000 in January and spent $1000, is my budget balanced?
yes
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I spent $100 on a credit card in January. I did not pay my bill. The card has a 20% interest rate. What do I owe in February?
$120
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I bought a $50 sweater, a $25 book, and a $25 dinner. Taxes are 13%. What is the total of my purchases, including taxes?
$113
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What is a debit card?
A card that allows you to buy using your own money
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I made $2000 in December, I spent $2150. Is my budget balanced?
No
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What is an advantage to using a credit or debit card?
More convenient, easy to carry, can put on phone, etc
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