Here is the step-by-step solution to the problems on the worksheet.
Part 1: Methods of Payment
To solve this, we look at each scenario and pick the best option from the Word Bank.
1.
Scenario: You owe your friend $20 after buying a game from him.
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Reasoning: When paying a friend directly for a small amount, cash is the easiest way. An e-transfer works too, but cash is the standard answer for "owing a friend" in these tests unless specified otherwise. Let's stick with the simplest physical exchange first. However, looking at the other options, "e-transfer" is very common now. But usually, small debts between friends are settled with
Cash.
2.
Scenario: You are buying a chocolate bar that cost $1.
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Reasoning: For very small purchases like candy or gum, people usually use
Cash (coins).
3.
Scenario: You want to pay for something, but you forgot your wallet. Luckily, you have your bank card on your phone.
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Reasoning: Using a card stored digitally on a smartphone is called an
Electronic wallet (like Apple Pay or Google Pay).
4.
Scenario: You want to buy something for $50 from your bank account right now.
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Reasoning: A card that takes money directly out of your bank account immediately is a
Debit card.
5.
Scenario: You believe that traditional currency is old technology. You buy Bitcoin and want to use it to pay for a car.
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Reasoning: Bitcoin is a type of digital money known as
Cryptocurrency.
6.
Scenario: You are paying for a house and need to send $20,000 from your bank to the seller’s bank.
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Reasoning: For very large amounts of money sent between banks (especially for big purchases like houses), a
Wire transfer is used because it is secure and handles large sums well.
7.
Scenario: You want to pay your cell phone bill on the first day of every month.
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Reasoning: Setting up a payment to happen automatically on a specific date every month is called an
Automatic payment.
8.
Scenario: You want to be paid by your employer every other week automatically.
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Reasoning: When a company sends your paycheck directly into your bank account without giving you a paper cheque, it is called
Automatic deposit (or direct deposit).
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Part 2: Add up items and provide change
Here we need to do some math. We add the prices of the items together, then subtract that total from the money used to find the change.
Problem 1:
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Money Used: The image shows a purple bill with the number 10. This is
$10.00.
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Items:
* Cupcake: $3.25
* Bottle: $5.50
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Step 1: Add the items.
$$3.25 + 5.50 = 8.75$$
The total cost is
$8.75.
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Step 2: Calculate Change.
Subtract the total cost from the money used.
$$10.00 - 8.75 = 1.25$$
The change due is
$1.25.
Problem 2:
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Money Used: The image shows a silver coin that says "2 Dollars". This is
$2.00.
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Items:
* Milk carton: $0.75
* Onion: $0.70
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Step 1: Add the items.
$$0.75 + 0.70 = 1.45$$
The total cost is
$1.45.
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Step 2: Calculate Change.
Subtract the total cost from the money used.
$$2.00 - 1.45 = 0.55$$
The change due is
$0.55.
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Final Answer:
Part 1: Method of Payment
1) Cash
2) Cash
3) Electronic wallet
4) Debit
5) Cryptocurrency
6) Wire transfer
7) Automatic payment
8) Automatic deposit
Part 2: Change Due
1) $1.25
2) $0.55
Parent Tip: Review the logic above to help your child master the concept of 4th grade financial literacy worksheet.
