Grade 7 · Math · Unit 20 of 20
Money Smarts
Exchange rates, budgets and interest
What your child practises
Converting between currencies, finding reliable money advice, budgeting for a goal, and seeing how simple and compound interest and fees change savings and borrowing.
Ontario Curriculum expectation: F1.1–F1.6 · exchange rates, reliable sources, budgets for longer-term goals, factors that influence choices, and interest
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
A student's monthly budget: income $400, rent $120, food $50, fun $20. How many dollars are left to save?
Item Dollars Income 400 Rent 120 Food 50 Fun 20 answer box
Show answer
210
Hint: Add the spending, then subtract from the income.
Question 2
Today 1 foreign currency unit costs $1.50 Canadian. How many whole units can you buy with $60?
answer box
Show answer
40
Hint: Divide 60 by 1.5.
Question 3
Today 1 foreign currency unit costs $1.25 Canadian. How many Canadian dollars do you need for 80 units?
answer box
Show answer
100
Hint: Multiply 80 by 1.25.
Question 4
Which is a personal factor that can affect a financial decision?
- the colour of a bank card
- the weather on Monday
- how much money a person earns
Show answer
how much money a person earns
Hint: Think about what influences what people choose to buy or save.
Question 5
You put $200 in an account that pays 10% interest, compounded yearly. How much is in the account after 2 years, in dollars?
answer box
Show answer
242
Hint: Year 1: add the interest. Year 2: find the interest on the new total.
Question 6
Leo wants to save $175 for a computer. He saves $25 each month. How many months will it take?
answer box
Show answer
7
Hint: Divide the goal by what he saves each month.