Grade 7 · Financial Literacy · Exchange Rates and Long-Term Budgets
Plan Across Currencies and Time
Exchange rates convert value between currencies, while a budget connects income, spending, and saving to a goal over time.
The big idea
A useful financial plan records assumptions
A currency conversion depends on a quoted rate and date. A longer-term budget depends on expected income and expenses that may change.
Work it through
Convert US$80 at US$1 = C$1.35
- 1. Identify the direction: US dollars to Canadian dollars.
- 2. Multiply 80 × 1.35 = 108.
- 3. Record the result as C$108 and cite the exchange-rate source and date.
- 4. Add fees if the real transaction includes them, then update the budget.