Credit Cards 💳
This happens when you don't pay your full credit card in balance.
What is interest?
What is a chequing account?
This is money earned on savings or paid on loans.
What is interest?
This is a plan for how you will spend and save money.
What is a budget?
This is money you earn from a job.
What is income?
This is the maximum amount you are allowed to spend on a credit limit.
What is a credit limit?
This account usually earns interest on your money.
What is a savings account?
This type of interest is calculated only on the original amount.
What is simple interest?
This type of expense stays the same every month.
What is a fixed expense?
What is gross income?
This is the yearly interest rate charged on unpaid balances.
What is APR (Annual Percentage Rate)?
This is a fee charged when you spend more money than you have.
What is an overdraft fee?
This type of interest is calculated on both the principal and past interest.
What is compound interest?
This type of expense can change month to month.
What is a variable expense?
This is the amount you take home after taxes.
What is net income?
Paying only this amount each month helps avoid penalties but still charges interest.
What is the minimum payment?
This card lets you spend money directly from your bank account.
What is a debit card?
This is the original amount of money borrowed or invested.
What is principal?
This is money left over after expenses are paid.
What is savings (or disposable income)?
This is the percentage of income paid to the government.
What are taxes?
This term describes how much of your available credit you are using.
What is credit utilization?
This Canadian organization insures your deposits up to $100,000.
What is CDIC (Canada Deposit Insurance Corporation)?
This term describes how long you have to repay a loan.
What is the loan term?
This rule suggests 50% needs, 30% wants, and 20% savings.
What is the 50/30/20 rule?
This Canadian tax (HST) is added to most purchases.
What is Harmonized Sales Tax?