Scribd Logo
Upload

Welcome to Scribd!

  • 13 views

    Money Concepts

    Uploaded by

    abd rahman
    Life Skills-Money Literacy 1

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Money Concepts

    Uploaded by

    abd rahman
    13 views23 pages
    Life Skills-Money Literacy 1

    Original Title

    _1. Money Concepts

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Life Skills-Money Literacy 1

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    13 views23 pages

    Money Concepts

    Uploaded by

    abd rahman
    Life Skills-Money Literacy 1

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 23

    Financial Literacy

    Money and Finances


    Goals of this Chapter
    ➢ F1.1 identify and compare exchange rates, and convert foreign currencies to Canadian
    dollars and vice versa
    ➢ F1.2 identify and describe various reliable sources of information that can help with
    planning for and reaching a financial goal
    ➢ F1.3 create, track, and adjust sample budgets designed to meet longer-term financial goals
    for various scenarios
    ➢ F1.4 identify various societal and personal factors that may influence financial decision
    making, and describe the effects that each might have
    ➢ F1.5 explain how interest rates can impact savings, investments, and the cost of borrowing
    to pay for goods and services over time
    ➢ F1.6 compare interest rates and fees for different accounts and loans offered by various
    financial institutions, and determine the best option for different scenarios

    Source: https://www.dcp.edu.gov.on.ca/en/curriculum/elementary-mathematics/grades/g7-math/strand-f/f1
    Chapter X.X: Money
    Concepts
    Goal: to identify and compare exchange rates, and convert foreign currencies to
    Canadian dollars and vice versa

    Expectation F1.1
    Travelling
    Your family decides to go on a trip to Hong Kong!

    What currency does Hong Kong use?


    How much Hong Kong currency should you take out from the bank?
    Hong Kong Travels
    Let’s learn more. . .
    Currencies
    Currencies - a system of money in use in a given country, typically includes coins and
    bills

    Examples:
    American
    Dollars

    Indian Rupees

    Canadian
    Dollars
    Currency
    Currency Value
    International currencies have different values compared to Canadian
    currency.

    Example: 1 American Dollar (USD) is approximately equal to 1.21


    Canadian Dollars (CAD)
    Why do you think Click HERE to
    currencies from see the current
    other countries are value of the
    valued at more or Canadian
    Dollar!
    less than
    Why Currency Has Different Value
    Ultimately, the value of currency is determined by the DEMAND for
    it.

    ● Economic conditions
    Reasons why currencies ● Political instability
    from other countries are
    ● Employment rates
    valued more or less than
    ● Interest rates
    the CAD:
    increase

    decrease
    Exchange Rates
    Exchange rate - the value of a country’s currency in terms of another country’s
    currency.

    Example: the exchange rate of 1.00 Canadian Dollar to 4.31 Brazilian Real means that if
    you exchanged $100 Canadian Dollars for Brazilian Real, you would get back $431
    Brazilian Real!

    Why do you think the Brazilian Real is worth less


    than the Canadian Dollar?
    Example - Converting Foreign
    Currencies
    Your family made it to Hong Kong! You all take the MTR (subway)
    from the airport to the hotel. It costs $110 HKD (Hong Kong Dollars).
    The exchange rate is currently 1 CAD = 6.40 HKD. Convert $110
    HKD to CAD.

    Understand the question


    I see that 1 CAD is worth more than 1 HKD. I know my answer will
    be less than $110.
    Example - Converting Foreign
    Currencies
    Your family made it to Hong Kong! You all take the MTR (subway)
    from the airport to the hotel. It costs $110 HKD (Hong Kong Dollars).
    The exchange rate is currently 1 CAD = 6.40 HKD. Convert $110
    HKD to CAD.

    Simply divide the


    amount by the
    110 ÷ 6.40 Therefore, if you converted the
    exchange rate! = $17.1875 subway trip from the airport to
    the hotel to CAD, it would be
    $17.19
    Round to $17.19
    WHY did we divide the
    cost by the exchange
    rate? Let’s look at this
    question in terms of a
    ratio. . .
    Example - Converting Foreign
    Currencies
    Your family made it to Hong Kong! You all take the MTR
    (subway) from the airport to the hotel. It costs $110 HKD (Hong
    Kong Dollars). The exchange rate is currently 1 CAD = 6.40
    HKD. Convert $110 HKD to CAD. If I multiply
    the
    We can write denominator
    this as a ratio: ✕ 17.1875 by 17.1875, I
    do the same to
    1 CAD ? CAD
    = the numerator
    6.40 HKD 110 HKD Therefore, if you converted the
    How did we ✕ 17.1875
    get from 6.40
    subway trip from the airport to
    to 110? We the hotel to CAD, it would be
    multiplied by $17.19
    17.1875
    “ Its not how much money you make, its how much
    money you keep ”
    - RK

    “ Its not how much money you make, its how you
    use the money matter most ”
    -?-
    Katakanlah (wahai Muhammad): "Sesungguhnya Tuhanku
    memewahkan rezeki bagi sesiapa yang dikehendakiNya di
    antara hamba-hambaNya, dan Ia juga yang menyempitkan
    baginya; dan apa sahaja yang kamu dermakan maka Allah
    akan menggantikannya; dan Dia lah jua sebaik-baik Pemberi
    rezeki".

    You might also like