Banking
Using your debit card to buy mezza withdrawals money from this account.
What is a Chequings Account
"n" stands for this.
What is the total number of payments.
Someone who lends to others is also called this.
What is a creditor.
The company you work for may offer this type of retirement plan.
What is a company pension plan.
As soon as you begin filing taxes you can start contributing to this.
What is a RRSP
Paychecks are deposited into this account
What is a Chequings Account
C/Y stands for this.
What is compounding periods per year.
Financing something is a fancy way of doing this.
This is the most common type of pension plan.
What is a defined benefit plan.
Opening up a TFSA has these two requirements.
What is a SIN and to be 18 years old.
You might make deposits for a down payment on a home with this type of account.
What is a savings account.
FV for a loan always equates to this value
What is $0.
From an accounting perspective, something you own can be considered this.
What is an asset.
These plans are based on the amount of money that you and your employer have deposited into the plan.
What is a defined contribution plan.
You can withdraw money from this at any moment and at no immediate cost.
What is a TFSA.
You do not earn interest in this type of account.
What is a Chequing Account.
Colin is saving up to buy a Play Station 3. He deposits $75 now and an additional $50 into a savings account at the end of each month for six months. The savings account has an annual interest rate of 2% and the interest is compounded monthly. If a PS3 costs $399, how much will he have saved and will it be enough? (hint: PV is -75)
He will have $377.01 saved and no.
Your ability to repay loans is a statistical measurement called this.
What is a credit score or credit rating.
We should not solely rely on these two types of government funded retirement benefits.
What is CPP and OAS.
You can contribute up to this much of your previous years income into a RRSP
What is 18%.
The money you keep in your bank account is referred to as this.
What is the balance.
You deposit $100 per month in a savings account with an interest rate of 2.5% compounded monthly. You do this for 2 years. How much do you gain in interest? (Hint: PV= 0)
What is $58.39
Something of value that you put up in support of a loan that can be given to the lender if a loan can’t be repaid is called this.
What is collateral.
In a defined contribution plan, the amount of pension you’ll receive when you retire depends on ______, ______, and ______.
What is amount, interest rate, and time.
Earning money on previous money earned is referred to as this.
What is compounding.