Grade 6 · Math · Unit 14 of 14
Money Plans
Goals, interest and ways to pay
What your child practises
Comparing ways to pay, setting financial goals, understanding interest and fees, and the difference between trading, lending, borrowing and donating.
Ontario Curriculum expectation: F1.1–F1.5 · ways to pay, financial goals, interest rates and fees, and ways to move money between people
Sample questions
A taste of this unit. In the app, questions change every time and get easier or harder to match your child.
Question 1
You borrow $200 at 5% interest for 1 year. How many dollars of interest do you pay?
answer box
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10
Hint: Find 5% of $200.
Question 2
Which is a fee a bank might charge?
- a free gift
- a monthly account fee
- a birthday card
Show answer
a monthly account fee
Hint: Some accounts have fees to keep them open.
Question 3
What is an advantage of paying with a credit card?
- You can buy now and pay later, and keep a record.
- It is free to borrow.
- You never have to pay it back.
Show answer
You can buy now and pay later, and keep a record.
Hint: Think about what each way to pay costs and how fast and safe it is.
Question 4
Which could help you reach a financial goal?
- making a budget and tracking your spending
- spending all your money right away
- ignoring prices
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making a budget and tracking your spending
Hint: A financial goal has an amount, a plan and a time.
Question 5
Which is a saving goal?
- putting aside $20 a month for a new bike
- paying for a movie ticket tonight
- buying lunch today
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putting aside $20 a month for a new bike
Hint: A financial goal has an amount, a plan and a time.
Question 6
What does it mean to lend?
- to take it without asking
- to give it away forever
- to give something to be paid back later
Show answer
to give something to be paid back later
Hint: Each word describes a different way money and things move between people.