Financial Literacy - Unit Test worksheet featuring scenarios for payment methods and change calculation exercises.

Let's solve this Financial Literacy - Unit Test step by step.

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Part 1: Choose the correct method of payment for each scenario

We are given a word bank with possible payment methods:

> Cash, debit, credit card, gift card, cheque, electronic wallet, e-transfer, automatic deposit, automatic payment, cryptocurrency, wire transfer

Now let’s go through each scenario and choose the most appropriate method.

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#### 1) You owe your friend $20 after buying a game from him

- This is a personal transaction between friends.
- Likely to be paid in cash or via a quick digital method.
- Best choice: Cash or e-transfer (but since it's informal, cash is most common).
- ✔ Answer: Cash

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#### 2) You are buying a chocolate bar that cost $1

- Small purchase, likely at a store.
- Most people use cash for small items like this.
- ✔ Answer: Cash

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#### 3) You want to pay for something, but you forgot your wallet. Luckily, you have your bank card on your phone.

- You have a bank card on your phone, so you're using a mobile banking app.
- This is an electronic wallet (like Apple Pay, Google Pay).
- ✔ Answer: Electronic wallet

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#### 4) You want to buy something for $50 from your bank account right now

- You want to access funds directly from your bank account immediately.
- You’re not using credit; it’s real-time withdrawal.
- Debit card is used for direct bank account withdrawals.
- ✔ Answer: Debit

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#### 5) You believe that traditional currency is old technology. You buy Bitcoin and want to use it to pay for a car.

- You’re using Bitcoin, which is a form of cryptocurrency.
- ✔ Answer: Cryptocurrency

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#### 6) You are paying for a house and need to send $20,000 from your bank to the seller’s bank.

- Large amount, inter-bank transfer.
- Requires secure, official transfer.
- Wire transfer is used for large sums between banks.
- ✔ Answer: Wire transfer

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#### 7) You want to pay your cell phone bill on the first day of every month.

- Regular, recurring payment.
- Automatically scheduled.
- This is an automatic payment set up with the service provider.
- ✔ Answer: Automatic payment

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#### 8) You want to be paid by your employer every other week automatically.

- Employer deposits money into your bank account regularly.
- This is called automatic deposit (direct deposit).
- ✔ Answer: Automatic deposit

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✔ Part 1 Answers Summary:

| Scenario | Method of Payment |
|--------|-------------------|
| 1 | Cash |
| 2 | Cash |
| 3 | Electronic wallet |
| 4 | Debit |
| 5 | Cryptocurrency |
| 6 | Wire transfer |
| 7 | Automatic payment |
| 8 | Automatic deposit |

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Part 2: Add up the items and provide change based on what the customer paid with

We have two rows. Let's calculate total cost and subtract the amount paid.

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#### Row 1:
- Money Used: $10 bill
- Items:
- Cupcake: $3.25
- Water bottle: $5.50

Total cost:
$3.25 + $5.50 = $8.75

Money paid: $10.00

Change due:
$10.00 – $8.75 = $1.25

✔ Change Due: $1.25

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#### Row 2:
- Money Used: Canadian $2 coin (Toonie) → $2.00
- Items:
- Milk: $0.75
- Onion: $0.70

Total cost:
$0.75 + $0.70 = $1.45

Money paid: $2.00

Change due:
$2.00 – $1.45 = $0.55

✔ Change Due: $0.55

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✔ Part 2 Answers:

| Money Used | Item | Item | Change Due |
|------------|------|------|-------------|
| $10 bill | $3.25 cupcake | $5.50 water | $1.25 |
| $2 coin | $0.75 milk | $0.70 onion | $0.55 |

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✔ Final Answer Key:

#### Part 1:
1. Cash
2. Cash
3. Electronic wallet
4. Debit
5. Cryptocurrency
6. Wire transfer
7. Automatic payment
8. Automatic deposit

#### Part 2:
- First row: $1.25
- Second row: $0.55

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