Funds/capital is another word for ____. A ____ is a place where individuals, households, businesses, and larger organizations can either deposit their funds or borrow money when they need to. Banks give out ____ cards that allow people to access their money. If you need to buy something important but don’t have the cash, you will need to ____ the money. A ____ is a smart plan for spending and saving your money by thinking of priorities and long term goals. ____ is money given to you by a bank under the agreement that you’ll pay it back. It is NOT money you made from working. You use a debit card to ____ money from money you already have from working to make a payment or purchase. A ____ is money or a gift given to help a charity or community organization. ____ are bills that come at set intervals and are repeated (once a week, biweekly, or monthly) and don’t usually change. Examples are car insurance, phone bills, childcare. Income ____ is money that is a deduction from your paycheque, or any other earnings, to the government. ____ is a percentage of extra money you pay when you borrow money, which means you end up paying back more than you borrowed. A ____ is a set amount of money lent between people and institutions—usually banks—to pay for a large purchase that would be too expensive to pay for up front (like a car or a house). ____ is money set aside for the future or for a specific financial goal, like a big trip or tickets for BTS’s next world tour. ____ finance means managing your own money through budgeting, saving and investing. A ____ is a medium of exchange for goods and services. They are usually issues by a government in the form of paper or coins. ____ Rate is the current value of any currency in comparison to another currency. Formula for Exchange Rate (ER) is: ER = Original Currency divided by ____ Currency The two important components of a budget are income (money received) and ____ (money spent). ____ is money received from work or investments and is usually taxable unless it's a gift. ____ is any money taken from your income before it goes to your bank account. It can include income tax, pension (CPP), employment insurance (EI), life insurance or union dues and more. ____ income is the total amount of money you make BEFORE deductions. It is a BIGGER number. ____ income is the amount of money earned AFTER you subtract the deductions. It is a SMALLER number. ____ income are costs that change and can be unpredictable each month. Examples include car repairs or dining out. Formula for calculating Net Income is: Gross Income - ____ = Net Income The formula for calculating Gross Income is: ____ Income + Deductions = Gross Income A financial ____ is a qualified money-management professional who helps clients meet their financial goals. ____ interest is the most basic way to calculate how much interest you pay or receive n an investment or loan. The formula is Simple Interest = Principal x Annual Interest Rate x Number of years of payments ____ accounts are used to allow deposits and withdrawals of money. People use it to write cheques, visit ATMS, use their debit cards and e-transfer money. It is also usually where your salary is directly paid into.

Gr.7 Financial Literacy Definitions Unit Review

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