Grade by Grade
F. Financial Literacy · Money and Finances: Paying, Saving and Smart Choices

Money and Finances: Paying, Saving and Smart Choices: Unit Review

A1 F1.1 F1.2 F1.3 F1.4 F1.5About 40 minutes
Learning goals
  • I can name methods of payment and explain how they work.
  • I can estimate and calculate totals and change with mental math.
  • I can explain earning, spending, saving, investing and donating.
  • I can tell needs from wants and plan spending and saving.
  • I can decide whether something is reasonably priced.

Words to know

method of payment
A way to pay, like cash, a debit card or a credit card.
estimate
A close answer you can find quickly in your head.
change
The money you get back when you pay more than the total.
saving
Keeping money aside to use later.
investing
Putting money somewhere so it can grow over time, with some risk.
need
Something you must have to live safely and be healthy.
want
Something nice to have that you can live without.
reasonably priced
A fair price for what you get.

Let's review!

In this unit you learned a lot about money. You met different ways to pay, estimated and calculated totals and change in your head, learned the five money words (earning, spending, saving, investing, donating), sorted needs and wants, made saving plans, and became a price detective. This review has a few questions from every lesson. Try each one, then press Show answer to check. If a part feels tricky, go back to that lesson.

$100 paid (one $100 bill)total $53change $47$53 + $47 = $100: total + change = money paid
Mr. Chen's craft fair purchase as a bar model. The total and the change together make the money he paid. Use it to check your change.
5¢nickel10¢dime25¢quarter$1loonie$2toonieCoins drawn about to scale. The dime is the smallest coin, even though it's worth more than a nickel!
Canada's coins. The loonie has 11 sides. The toonie has a silver-coloured ring around a gold-coloured centre.

Ways to Pay: Cash, Cards and More

1

Name two methods of payment that don't use coins or bills.

2

What is the difference between a debit card and a credit card?

3

Is a bus ride a good or a service?

4

A café takes cards only. Nia has a $10 bill and a debit card. How should she pay?

Estimating the Cost of Several Items

1

Round $67 to the nearest $10.

2

Estimate $22 + $38 + $19.

3

Is $40 enough for items costing $16 and $23? Estimate first.

Mental Math: Total Cost and Change

1

$26 + $14 + $8 = ?

2

A total is $57. You pay with a $100 bill. What is the change?

3

What are the fewest bills and coins for $26 in change?

Earning, Spending, Saving, Investing and Donating

1

Kai sells lemonade (with a grown-up's help) and makes $12. Which money word is this?

2

Nadia gives $3 to a school fundraiser. Which money word is this?

3

Sami has $40. He saves $20, donates $5 and spends the rest. How much does he spend?

4

What is risk when investing?

Needs and Wants: Making Spending Decisions

1

Need or want: a winter coat? A new toy?

2

A family has $90. Needs cost $74. How much is left for wants or saving?

3

Why might a bus pass be a need for one person and not another?

Spending and Saving: Finding a Balance

1

You get $10 a week and spend $2. How much do you save each week?

2

You save $8 a week. How many weeks to save $56?

3

Why does spending more each week make a savings goal take longer?

Is It a Good Buy? Reasonable Prices

1

A pack of 3 juice bottles costs $6. A pack of 8 costs $8. What does each bottle cost in each pack?

2

A scooter was $60. Now it's $45. How much is the discount?

3

Name two questions to ask before deciding something is a good buy.

Just for fun

People say money doesn't grow on trees. But in Canada, maple trees do help farmers earn money, one drop of syrup at a time!

How to use this review

  • Do the review over two short sittings. Each section matches one lesson.
  • Let your child use tools: play money, a number line, or quick notes. Mental math can include jotting down a step.
  • For money math, estimate first, then calculate, then check (total + change = money paid).
  • For the money-choice questions, there may be more than one good answer. Ask, "Why do you think so?"
  • Note which section had mistakes, then revisit that lesson's examples, activity and practice.
Check your understanding

Quiz

1.

Which method of payment takes money straight out of your bank account right away?

2.

Which is a service?

3.

What is the best estimate for $31 + $48?

4.

You buy items for $15, $25 and $9. You pay with a $50 bill. What is your change?

5.

A total is $62. You pay with a $100 bill. What is the change?

6.

Putting money where it can grow over time, with some risk, is called…

7.

Which is a need?

8.

Pia saves $6 a week. How many weeks to save $42?

9.

Which is a reason people spend and save differently?

10.

A pack of 4 granola bars costs $8. A pack of 6 costs $6. Which costs less for each bar?

For parents and teachers

Use mistakes to choose what to revisit. Each review section matches one lesson.

  • Mixes up debit and credit, thinks cards are free money, or confuses goods and services: revisit Ways to Pay: Cash, Cards and More.
  • Rounds the wrong way or trusts an estimate that is too close to call: revisit Estimating the Cost of Several Items.
  • Leaves out an item, loses a jump when counting up, or gives too many small coins: revisit Mental Math: Total Cost and Change and play the craft fair store.
  • Mixes up saving and investing, or can't split money into parts that add to the total: revisit Earning, Spending, Saving, Investing and Donating and make the three money jars.
  • Calls every strong wish a need, or forgets needs come first: revisit Needs and Wants: Making Spending Decisions.
  • Divides by the weekly allowance instead of the weekly savings, or forgets money already saved: revisit Spending and Saving: Finding a Balance.
  • Thinks the cheapest or any sale item is always best, or compares whole packs instead of each item: revisit Is It a Good Buy? Reasonable Prices.

A few mistakes are normal. Praise careful reasoning, especially in the money-choice questions where more than one answer can be right.