Payment Methods
Interest Rates
Financial Goals
Budgeting
Bonus
100
What is the least secure form of payment?
Cash.
100
What is Interest?
The extra fee you pay a bank for letting you use their cash, or the reward a bank pays you for keeping your money in a savings account.
100
Which type of goal involves planning targets for your money that take a few weeks, months, or up to one single year.
Short term goals
100
What is budgeting?
A financial roadmap that tracks your income and expenses so you don't spend more than you earn.
100
What was Mr. Yang's First Job?
200
This digital card is highly secure because it is PIN-protected and takes money directly out of your bank account the moment you tap it.
Debit Cards
200
Which type of interest rate stays exactly the same the whole time, making your payments safe and predictable.
Fixed Rates
200
How do mid-term and long-term goals differ?
Mid term can take a couple of years (1-10), while long term often take 10+ years
200
FREEBIE: 200 Points
200
200
Who is this?
Scrooge McDuck
300
What form of payment uses emails to transfer funds.
E-Transfer
300
Freebie: Free 300 Points
300
300
What are earning goals?
This specific category of goal focuses on how you will actively make money, such as starting a neighborhood lawn-mowing business.
300
Name 2 reasons why someone should budget.
Clarity, Control, and Confidence
300
Why does Mr.Yang not recommend saving every single cent that you earn?
LIVE YOUR LIFE!
400
How do credit and debit cards differ?
Debit cards take money from your own bank account, credit cards borrow money that must be paid back on time, or interest is charged.
400
What is compound interest
When you earn interest on top of the interest you already made, acting like a snowball building up wealth.
400
How can friends hinder your financial goals?
FOMO can cause unnecessary spending.
400
What are Needs in regard to budgeting?
Basic groceries and public transit fares fall under this essential category, while restaurant dining and luxury car upgrades fall under "wants."
400
What was the median income in Canada before tax?
$42,600
500
Why do so many people prefer to use credit cards instead of debit cards, even if they have enough money to make purchases.
Because credit cards offer incentives or rewards for spending.
500
What are Debt Traps?
When high-interest tools like credit cards or payday loans grow faster than a person can pay them back, capturing wealth and keeping people poor.
500
Why does planning for financial goals not always work?
Unexpected Costs can Always Change plans
500
What is "paying yourself first" in terms of budgeting.
Putting money directly into your savings account the very moment you get paid instead of waiting until the end of the month.
500
How have finances been used to discriminate against individuals?
Predatory lending with high rates, Red lining, Refusing to give loans.