For part 1:
Bank Notes: The currency that is in circulation right now
Budget: Family making monthly budgets or businesses making quarterly budgets
Clearance Sales: Sales at stores near the end of a season to get rid of merchandise
Conspicuous Consumption: Designer clothes and expensive jewellery or cars.
Consumer Price Index: the exchange rate of different currencies
Counterfeiting: fake handbags, accessories or perfumes. Mainly of expensive brands like Gucci or Adidas
Fixed Expenses: rental lease or mortgage payments
Gross Income: money you earn before tax
Impulse Buying: buying chocolate or ice cream when you are sad and is followed by feelings of guilt
Income: the money you make in a job after taxes and other amounts are taken away
Legal Tender: same as banknotes and coins. can be used to purchase goods
Operating budget: part of the budget that can be changed based on sales and manufacturing
Promotional sales: social media contests to promote a new product
Second-hand shopping: thrifting or yard sales
Start-up budget: money needed to start a business. can include pre-launch and promotion budget
Variable Expenses: money spent on eating out or going to the movies every month that changes.
Warranty: when buying a new laptop you get a year warranty.

Part 2:
2. Money is important because it serves as a standard of value in which other values are measured.
3. Legal tender is officially defined as the coins or banknotes that must be accepted if offered in payment of a debt. Ex: Coins and banknotes
4. cheques and credit cards are not legal tender because a person can legally refuse to accept cheques and credit cards for settling transaction. It is not officially issued by the bank
5. Bank of Canada
6. Inflation, Real income, currency exchange, tax rates, and prices
7. You can use the CPI formula in your textbook for this question. but the answer is CPI from the Bureau of Labour
8. Same as the definition of income from above. People have jobs or other mean of earning income
9. Taxable income, tax deductions, tax credits, and exemptions
10. Money management refers to how you handle money and all aspects of your finances like loans and payments
11. This should be in your textbook as it varies. And just give examples from the book
12. Same definition as above. Helps you manage money wisely and achieve any short or long term money goals you might have
13. Since budgets keep track of where money is coming from and where it is leaving, businesses and families use it to manage their finances
14. If you have personal goals you want to achieve, writing that down in your budget and saving or spending money accordingly will help you achieve that goal. Common goals are to travel or buy new electronics.
15. Four processes are: preparation, approval, execution, and evaluation

Hey where are your questions?

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