Topic 5: Money Concepts

What % do we pay for tax in Canada

• 13

• 1.3

• 31

• 10

Julia would like to buy a book for $10. If tax is 13%, what is the total amount she will be paying?

Robin would like to buy a $25 sweater that is on sale. The sale is 30% off. If there is no tax, how much will she be paying?

• $17.50

• $7.50

• $11.00

• $25

How much change would you receive if you bought a sweater for $14.69 (tax included) and used a $20 bill to pay for it?

• $5

• $14.69

• $20

• $5.31

What is interest?

• a reduction in the total cost

• a fee that you have to pay when you buy an item

• a fee that you have to pay when you borrow money or other assets over a period of time

• when you are interested in buying an item

What is the formula for interest?

• I = PRT

• I = P + R + T

• P = IRT

• I = PR + T

Calculate the interest of principal of $200, rate 2% for 2 years.

• 8

• 80

• 204

• 200

Jay would like to buy a pair of shoes that is 60%. It's original price is $70. If Jay has to tax, what is the total price he will be paying?

• $79.10

• $31.64

• $47.46

• $70

What does the P stand for in I=PRT

• principal: the amount of money borrowed

• principal: fee you pay for borrowing

• participation: fee you pay for participating in class

• pay: the fee you pay when you buy something

Which item is cheaper?

A ) $4.00 for 45 grams

B) $5.00 for 50 grams

• They cost the same

• A

• B