Financial Literacy Quiz 2 Grades 7-9

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* 1. Pablo has a part time job working 14 hours a week at $18 an hour. Pablo gets paid every two weeks. He has been waiting for his first paycheck to purchase a gaming machine and some games, but he is surprised that his paycheck is 20% less than he anticipated. Why would his take home pay be less than expected?

Pablo worked less hours than he thought

Income tax and employment insurance were deducted from his gross pay.

Income tax, employment insurance and Canada pension plan were deducted from his gross pay.

Pablo had signed up for automatic savings to be deposited into a bank account every pay period.

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* 2. Pablo was comparing notes with his friend Sheila, who works at the same place. Sheila was surprised to learn that Pablo was earning $18 an hour, when she was only earning $16 an hour. Both Pablo and Sheila are doing the same work. Why do you think Sheila earns less than Pablo?

Gender Gap in pay

Pablo knows the manager

Sheila started working there first

Pay equity is not important

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* 3. What document should you prepare if you are looking for a job?

Cover Letter

Resume

Application Form

All of the above

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* 4. Alfie is getting ready to start high school. He wants to get a part time job but does not know what he should include in his resume since he has never worked before. What advice would you give Alfie?

Include an objective or summary at the top of your resume

Highlight your skills and attitudes

Focus on volunteer work and extracurricular activities

All of the above

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* 5. Alfie is ready to start preparing his resume. He is not sure what he should write in his objective or resume summary. Prepare an objective or resume summary for yourself and have it ready to show Alfie.

Watch this video and answer the questions that follow: https://finlit101.ca/en/topic/important-money-decisions-people-often-face

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* 6. Now that Alfie and you have part time jobs, it is important to start to think about how you will spend your money. What is the first thing you should consider once you start earning money?

Buying the newest gaming device

Paying yourself first

Giving to your favourite charity

Paying your family room and board

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* 7. As Alfie grows up, what could he consider borrowing money for?

Paying for post-secondary education

Starting a business

Going on a vacation

Buying the latest running shoes

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* 8. If you were the primary decision maker in your household, which of the following items would you consider borrowing money for?

Buying a house

Paying off debts

Unexpected emergency

all of the above

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* 9. If you borrow money to buy a house, you will be required to have adequate home insurance. What will be covered in your home insurance policy?

Liability

Damage to the exterior of your home

Damage to the interior of your home including personal effects

Rental income while your home is being repaired

All of the above

Watch the following short video and answer the questions that follow: https://www.youtube.com/watch?v=tKKPUYfOkvw

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* 10. What are the soft skills described in this video?

Social skills

Character traits

Communication skills

Resilience

all of the above

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* 11. What soft skills can you begin to develop through your math classes?

Critical thinking

Problem solving

Communication

Social skills

All of the above

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* 12. What skills do you need to be successful in life?

Academic skills and technical skills

Technical skills and social skills

Academic skills and social skills

Academic skills, social skills and technical skills

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* 13. Wesley has been saving to purchase holiday gifts for three members of his family, his teacher and two friends. He has saved $160 and plans to spend $16 on his teacher and split the rest equally between the others. What percentage of his money is he planning to spend on his teacher? What percent is he planning to spend on each of the others?

10% and 20%

10% and 18%

6% and 24%

11% and 20%

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* 14. On Sunday evening, your family went out to eat. The bill came to $60 plus 8% tax and 15% tip. How much was the total bill?

$74.52

$72.60

$60.00

$75.00

Watch this short video from Investopedia and answer the questions that follow: https://www.investopedia.com/terms/t/timevalueofmoney.asp

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* 15. What is your key learning from watching this video?

Money is worth more today than in the future

Money only grows if you invest it

Money brings happiness

Money is not something we should talk about

Financial Literacy Quiz 2 Grades 7-9

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* 2. Pablo was comparing notes with his friend Sheila, who works at the same place. Sheila was surprised to learn that Pablo was earning $18 an hour, when she was only earning $16 an hour. Both Pablo and Sheila are doing the same work. Why do you think Sheila earns less than Pablo?

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* 3. What document should you prepare if you are looking for a job?

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* 4. Alfie is getting ready to start high school. He wants to get a part time job but does not know what he should include in his resume since he has never worked before. What advice would you give Alfie?

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* 5. Alfie is ready to start preparing his resume. He is not sure what he should write in his objective or resume summary. Prepare an objective or resume summary for yourself and have it ready to show Alfie.

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* 6. Now that Alfie and you have part time jobs, it is important to start to think about how you will spend your money. What is the first thing you should consider once you start earning money?

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* 7. As Alfie grows up, what could he consider borrowing money for?

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* 8. If you were the primary decision maker in your household, which of the following items would you consider borrowing money for?

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* 9. If you borrow money to buy a house, you will be required to have adequate home insurance. What will be covered in your home insurance policy?

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* 10. What are the soft skills described in this video?

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* 11. What soft skills can you begin to develop through your math classes?

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* 12. What skills do you need to be successful in life?

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* 14. On Sunday evening, your family went out to eat. The bill came to $60 plus 8% tax and 15% tip. How much was the total bill?

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* 15. What is your key learning from watching this video?

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* 16. If Wesley saved his $160 and hand made a gift for everyone on his list, he will have more money next year than he has this year.