PRACTICE Financial Literacy Assessment 1

Eva is planning a trip to Europe and wants to exchange her Canadian dollars (CAD) for Euros (EUR). If 1 CAD is equal to 0.75 EUR, how many Euros would Eva get for 200 CAD?

• 150 EUR

• 175 EUR

• 200 EUR

• 250 EUR

Tags

ONTARIO.MATH.7.F1.1

Alessia has 500 Euros and wants to convert them to Canadian dollars. If 1 Euro is equal to 1.5 CAD, how much CAD will Alessia receive?

• 650 CAD

• 700 CAD

• 750 CAD

• 800 CAD

Tags

ONTARIO.MATH.7.F1.1

If Emily has a savings account with an interest rate of 2% per year, how much interest will she earn in one year on a deposit of 1000 CAD?

• 10 CAD

• 20 CAD

• 30 CAD

• 40 CAD

Tags

ONTARIO.MATH.7.F1.5

Hana is considering taking a loan to buy a new car. How does a higher interest rate affect the cost of borrowing money for her?

• It decreases the cost

• It has no effect

• It increases the cost

• It makes the cost unpredictable

Tags

ONTARIO.MATH.7.F1.5

Fatema is looking to save money and wants to earn the most interest. Which of the following accounts would be best for her?

• Account A: 1% interest, no fees

• Account B: 2% interest, $5 monthly fee

• Account C: 1.5% interest, $2 monthly fee

• Account D: 0.5% interest, no fees

Tags

ONTARIO.MATH.7.F1.6

Ahmed and Mila are comparing two loans, one with a 5% interest rate and another with a 7% interest rate. Which loan will cost them more over time?

• The 5% loan

• The 7% loan

• Both will cost the same

• It depends on the loan amount

Tags

ONTARIO.MATH.7.F1.6

If 1 Canadian dollar is equal to 0.8 US dollars, how many Canadian dollars would Aarav need to get 160 US dollars?

• 120 CAD

• 160 CAD

• 200 CAD

• 220 CAD

Tags

ONTARIO.MATH.7.F1.1

Sanad has 300 British Pounds and wants to convert them to Canadian dollars. If 1 British Pound is equal to 1.7 CAD, how much CAD will Sanad receive?

• 450 CAD

• 510 CAD

• 510 CAD

• 600 CAD

Tags

ONTARIO.MATH.7.F1.1

If Olena takes a loan with an interest rate of 3% per year, how much interest will she pay in one year on a loan of 2000 CAD?

• 30 CAD

• 60 CAD

• 90 CAD

• 120 CAD

Tags

ONTARIO.MATH.7.F1.5

Caleb and Edwin are discussing how a lower interest rate affects their savings over time. How does a lower interest rate affect your savings over time?

• It increases your savings

• It decreases your savings

• It has no effect

• It makes savings unpredictable

Tags

ONTARIO.MATH.7.F1.5