A credit card balance of $2,000 has an annual interest rate of 19.95%. About how much interest is charged for one month if the balance is unpaid?
Ontario MPT overview
Ontario MPT: Financial literacy
Budgets, unit prices and best buys, simple and compound interest, sales tax and discounts, and exchange rates as taught in the Financial Literacy strand.
- No sign-up
- Every answer explained
- Independent · not a government site
- 10 questions
- Topic drill
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Study reference: The Ontario Curriculum, Grades 1–8: Mathematics (2020) and Grade 9: Mathematics MTH1W (2021), Ch. 5 Financial Literacy strand — Grades 3–8 strand F, Grade 9 strand F
All 10 questions in this test
Every question and its answer choices. The correct answers and explanations appear when you take the test above.
A credit card balance of $2,000 has an annual interest rate of 19.95%. About how much interest is charged for one month if the balance is unpaid?
- $33.25
- $19.95
- $166.67
- $399.00
Which is the better buy: 6 granola bars for $4.20 or 8 bars for $5.20?
- They cost the same per bar
- 6 bars, at $0.70 per bar
- 8 bars, at $0.65 per bar
- 8 bars, at $0.60 per bar
Rent is $1,350 of a $4,500 monthly income. What percent of income is rent?
- 45%
- 33%
- 30%
- 3.3%
How much simple interest does $1,500 earn at 4% per year for 3 years?
- $1,680
- $60
- $180
- $18
$1,000 is invested at 5% per year, compounded annually. What is it worth after 2 years?
- $1,100.00
- $1,105.00
- $1,050.00
- $1,102.50
What is a key difference between paying with a debit card and a credit card?
- Debit cards cannot be used to pay in physical stores
- Debit uses money in your account; credit is a loan you repay
- Credit cards can only ever be used for online purchases
- Debit always charges interest, while credit never does
A $60 sweater is 25% off, and 13% HST is charged on the sale price. What is the total?
- $45.00
- $50.85
- $58.80
- $52.80
A student earns $400 a month and plans to save 15%. How much does she save in 6 months?
- $90
- $60
- $2,040
- $360
If 1 euro = 1.50 Canadian dollars, how many euros do you get for $300 CAD?
- €450
- €150
- €300
- €200
In a Grade 3 financial literacy lesson, which item is best classified as a need?
- Winter boots
- A second bicycle
- Concert tickets
- A video game
Financial literacy: key rules to remember
Our summary of what the official handbook says on this topic, in our own words. Read it before or after the practice questions above, then check the original chapter. Read the official chapter ↗
Ontario Curriculum, Financial Literacy strand (Grades 1–8 F; Grade 9 F)
- Financial literacy is its own strand from Grade 1 (ontario.ca): coins and bills, needs vs wants, budgets.
- Unit price comparisons; percent of income.
- Simple interest I = Prt; compound interest A = P(1 + r)^n.
- Discounts and sales tax (Ontario HST 13 % used in examples).
- Exchange rates: when 1 unit of foreign currency = r CAD, divide a CAD amount by r to get the foreign amount.
- Debit (own money) vs credit (borrowed; interest on unpaid balance; monthly ≈ annual rate ÷ 12).
Other topics
- MPT requirement, format and scoringWho must pass the Mathematics Proficiency Test for Ontario certification, the two components, the 70% standard on each in the same attempt, cost, retakes, booking and test windows.
- Number: fractions, decimals, percents and ratiosPlace value, operations with fractions, decimals and integers, percents, rates and ratios, exponents and square roots, and proportional reasoning from the Grades 3–9 Number strand.
- Algebra, patterns and codingPatterns, variables and expressions, solving equations and inequalities, linear relations and their graphs, and reading simple code that uses loops and conditions.
- Data and probabilityReading and choosing graphs, mean, median, mode and range, sampling and bias, and the probability of simple and compound events.
- Spatial sense: geometry and measurementAngles and polygons, the Pythagorean relationship, transformations, area, surface area and volume, metric unit conversions and circles.
- Pedagogy: the mathematics curriculumHow the Ontario math curriculum is organized: strands, overall and specific expectations, the seven mathematical processes, social-emotional learning skills, coding and culturally responsive teaching.
- Pedagogy: assessment and evaluationGrowing Success: assessment for, as and of learning, the achievement chart's four categories and four levels, learning goals and success criteria, descriptive feedback and how grades are determined.
- Pedagogy: learning for all studentsLearning for All: universal design for learning, differentiated instruction, the tiered approach to prevention and intervention, and planning from each student's strengths and needs.