Grade by Grade
F. Financial Literacy · Money and Finances: Moving Money, Sales Tax, Budgets, Credit and Best Value

Money and Finances: Moving Money, Sales Tax, Budgets, Credit and Best Value: Unit Review

A1 F1.1 F1.2 F1.3 F1.4 F1.5About 40 minutes
Learning goals
  • I can describe ways money moves between individuals, businesses and organizations, with their advantages and disadvantages.
  • I can estimate and calculate totals and change with dollars and cents, including 13% HST.
  • I can design and fix a balanced budget.
  • I can explain credit, debt and interest, and how they affect money choices.
  • I can use unit rates to find the best value.

Words to know

direct deposit
Money sent straight into a person's bank account.
HST
Ontario's 13% sales tax: 13 cents for every dollar.
budget
A plan for how money will be earned, spent and saved.
debt
Money you owe and must pay back.
interest
The extra money paid for borrowing.
unit rate
A rate for one unit, like the price per item, per kg or per hour.

Let's review!

In this unit you followed money as it moves between people, businesses and organizations. You added prices with dollars and cents, found change, added 13% HST, designed budgets, learned how credit and debt work, and used unit rates to find the best value. This review has a few questions from every lesson. Try each one, then press Show answer to check. If a part feels tricky, go back to that lesson for more practice.

1. Add the prices$8.49 + $5.75 = $14.242. Find the HST, round to the cent14.24 × 0.13 = 1.8512 → $1.853. Add the tax$14.24 + $1.85 = $16.094. Paying cash? Round to 5¢$16.09 → $16.10
The order of steps for a purchase with HST, using Hana's paint set and drawing pad. Rounding to 5 cents happens only for cash, and only at the very end.

How Money Moves: Transfers Between People, Businesses and Organizations

1

What do we call pay that goes straight into a worker's bank account?

2

A family pays $70 to a ski club for lessons. Who sends the money, and who gets it?

3

Give one advantage and one disadvantage of an e-transfer.

4

A $25 monthly bill is paid by automatic payment. How much is paid in a year?

Totals and Change with Dollars and Cents

1

$3.65 + $2.80 = ?

2

You pay $12.35 with a $20 bill. What is your change?

3

Round these cash totals to the nearest 5 cents: $6.43 and $6.41.

Sales Tax: Adding HST to a Purchase

1

Find the HST and total for an $8 item.

2

Use a tenth plus 3 hundredths to find the HST on $16. What is the total?

3

A $4.49 item: use a calculator to find the HST and total.

4

Is $40 enough for an item priced $36 before tax?

Making a Budget: A Plan for Your Money

1

Zoe gets $7 a week for 4 weeks and $10 in gift money. What is her income for the month?

2

Is this budget balanced? Income $45. Plan: savings $20, snacks $12, a gift $8, donation $5.

3

Income $25. Plan: $12 + $9 + $7. What's wrong? Suggest a fix.

Jonah borrows$60He pays back$60$5 interest= $65
Borrowing costs extra. Jonah pays back everything he borrowed plus $5 interest, so the hockey stick costs him more than if he had saved first.

Credit and Debt: Borrowing Now, Paying Later

1

You borrow $30 and pay back $33. How much interest did you pay?

2

Liam owes $48 and pays $8 a week. How many weeks until he is debt-free?

3

Why is it smart to pay the whole credit card bill by the due date?

4

Give one way having debt can change a person's choices.

Unit Rates: Finding the Best Value

1

6 muffins cost $4.20. What is the price per muffin?

2

Oranges: 1 kg for $2.90 or 3 kg for $7.50. Which has the lower price per kg?

3

Art classes: 6 classes for $54 or 4 classes for $40. Which costs less per class?

Just for fun

Why do the loonie and the toonie make such good friends?

They have a lot of common cents!

How to use this review

  • Do the review over two short sittings. Each section matches one lesson.
  • Let your child use tools: play money, paper and pencil, and a calculator for HST on prices with cents.
  • For money math, estimate first, then calculate, then check (total + change = money paid).
  • Remember the order for sales tax: add the prices, find the HST and round to the nearest cent, add the tax, and round a cash total to the nearest 5 cents.
  • For budget and credit questions, more than one answer can be right. Ask, "Why do you think so?"
  • Note which section had mistakes, then revisit that lesson's examples, activity and practice.
Check your understanding

Quiz

1.

Pay that goes straight from an employer into a worker's bank account is called:

2.

Which of these is a business?

3.

$2.65 + $4.50 = ?

4.

Paying with cash, a total of $9.97 becomes:

5.

What is the HST on $30?

6.

What is the total cost of a $50 item with HST?

7.

Income is $30. Expenses are $12 and $10. How much should go to savings to balance the budget?

8.

You borrow $25 and pay back $28. How much interest is that?

9.

Which is the better value?

10.

A canoe rental costs $60 for 4 hours. What is the rate per hour?

For parents and teachers

Use mistakes to choose what to revisit. Each review section matches one lesson.

  • Mixes up businesses and organizations, can't name ways money moves, or thinks card money isn't real: revisit How Money Moves: Transfers Between People, Businesses and Organizations.
  • Doesn't line up decimal points, forgets to regroup cents, or rounds card payments to 5¢: revisit Totals and Change with Dollars and Cents and play the craft fair game.
  • Forgets the tax, writes $39 for 390¢, or rounds tax incorrectly: revisit Sales Tax: Adding HST to a Purchase.
  • Leaves out income, doesn't check that the budget balances, or can't explain choices: revisit Making a Budget: A Plan for Your Money.
  • Thinks credit is free money, or forgets money already saved when comparing waiting with borrowing: revisit Credit and Debt: Borrowing Now, Paying Later and play the borrowing game.
  • Divides the wrong way, compares different units, or always picks the biggest package: revisit Unit Rates: Finding the Best Value.

A few mistakes are normal. Praise careful reasoning, especially on the budget and credit questions where more than one answer can be right.