Grade 7 Financial Literacy Test Review
questions and answers graded A+
What does currency mean? - ANS ✔✔A currency is a system of money use in a given country,
which usually includes coins and bills.
What are exchange rates? - ANS ✔✔exchange rates are international currencies that have
different values compared to Canadian currency. Exchange Rates are also converting currency
from one country. Exchange rates may fluctuate daily. Canadian dollars may be more or less
according to the country.
How to calculate exchange rates? - ANS ✔✔To calculate use division.
Step 1: Take the foreign value and divide it by the exchange rate.
Step 2: Round your answer.
How to calculate exchange rates? - ANS ✔✔For calculating exchange rates use multiplication
only if we know how many Canadian dollars are equal to the currency in the question
Step 1: take foreign value and multiply it by the Canadian exchange rate per foreign currency.
Step 2: Round your answer .
Multiplying vs dividing has a slightly different value due to rounding errors. The larger the sum
exchange the more noticeable the rounding error.
What is a financial goal? - ANS ✔✔A financial goal refers to an objective that someone sets for
themselves that affects how they spend and save money.
Objectives can be short-term or long-term. Such as buying a new pair of sunglasses which is
short term. Saving up for a university degree is long-term.
questions and answers graded A+
What does currency mean? - ANS ✔✔A currency is a system of money use in a given country,
which usually includes coins and bills.
What are exchange rates? - ANS ✔✔exchange rates are international currencies that have
different values compared to Canadian currency. Exchange Rates are also converting currency
from one country. Exchange rates may fluctuate daily. Canadian dollars may be more or less
according to the country.
How to calculate exchange rates? - ANS ✔✔To calculate use division.
Step 1: Take the foreign value and divide it by the exchange rate.
Step 2: Round your answer.
How to calculate exchange rates? - ANS ✔✔For calculating exchange rates use multiplication
only if we know how many Canadian dollars are equal to the currency in the question
Step 1: take foreign value and multiply it by the Canadian exchange rate per foreign currency.
Step 2: Round your answer .
Multiplying vs dividing has a slightly different value due to rounding errors. The larger the sum
exchange the more noticeable the rounding error.
What is a financial goal? - ANS ✔✔A financial goal refers to an objective that someone sets for
themselves that affects how they spend and save money.
Objectives can be short-term or long-term. Such as buying a new pair of sunglasses which is
short term. Saving up for a university degree is long-term.
