Financial Literacy Quiz 2 Grades 10-12

Watch this video and answer the questions that follow: https://www.youtube.com/watch?v=Xl1aJ_35f4Q

Question Title

* 1. What skills are needed to be successful in life?

Employability Skills

Life Skills

Academic Skills

Technical Skills

All of the above

Question Title

* 2. High school graduates should be college and career ready. True or False.

Question Title

* 3. What skills are considered employability skills?

Money management

Problem solving

Time management

Resilience

Question Title

* 4. Seth has been developing his employability skills through part time jobs, participation in school leadership activities and volunteering. Seth is ready to begin to create a career plan. What should be included in his career plan?

Question Title

* 5. Rivie inherited $5000 from her grandfather. She invested the money in a compound interest GIC. In the first year, the investment paid 7% interest, in the second year it paid 8.5% interest. How much interest did Rivie earn after two years?

$350

$454.75

$671.30

$804.75

Question Title

* 6. Alfie is excited that he got a job at a local store. He will earn a salary of $500 per month plus 5% of each sale he does. At the end of the first month, Alfie's gross pay is $1500. How much did he sell?

$20,000

$10,000

$15,000

$50,000

Watch this video and answer the questions that follow. https://vimeo.com/641040104/73258a99ed

Question Title

* 7. What is purchasing power?

A measure of what you can buy with your money

The power to purchase anything you want

The ability to buy more today than you did yesterday

Just a saying without significant meaning

Question Title

* 8. Ryan is working full time in a job he really enjoys. His salary is $50,000 a year. Ryan has not had a raise in 5 years. During that time, inflation has averaged 2.2%. Will Ryan's purchasing power be more, less or the same as it was when he started working?

Question Title

* 9. What are the three roles of money?

invest, save and spend

exchange, set prices and store value

interest rate, price adjustments and discounts

None of the above

Question Title

* 10. What is the name of Canada's central bank?

Royal Bank of Canada

National Bank

Bank of Canada

Canadian Imperial Bank of Commerce

Question Title

* 11. In Canada we have a strong central banking system and we have a strong publically funded education system. In other parts of the world, education is not always free if it's available at all. As a class, how might you help a class in another country?

Question Title

* 12. How do gross pay and net pay differ?

Gross pay is the amount of money you take home

Net Pay is the amount of money you take home

Gross pay includes money you contribute to CPP, EI and Income taxes

Net pay includes money you contribute to CPP, EI an income taxes

Question Title

* 13. What role does CPP play in Canada's economy?

Question Title

* 14. Ivy works for a local business. She is hired to work full time during the summer. Full time is defined as 40 hours per week in most industries. During peak times, Ivy is asked to work 45 hours each week. One week she is working 9 hours each day and the next week, Ivy is asked to work 12.5 hours each of two days. Ivy has an hourly rate of pay of $20. How much will Ivy's gross pay be in each of the peak period weeks?

$950 and $960

$800 and $900

$800 and $800

$920 and $950

Question Title

* 15. What would be the best way for Ivy to keep track of her hours of work?

Keeping a spreadsheet

Telling her parents

Letting her boss track her hours and not worry about it

Write her hours on post it notes each day.