budgeting
What are fixed expenses?
Fixed expenses are consistent and recur regularly, such as rent or a mortgage payment.
What is investing?
Investing is the term for purchasing assets with the expectation of generating income or profit.
What is a manager?
A person is responsible for managing the day-to-day operations of a company or department.
What is a line of credit?
In Canada, this type of credit allows individuals to borrow up to a certain limit, with interest charged only on the amount borrowed.
What is a loan?
A sum of money borrowed from a lender, often repaid with interest over time.
What is budgeting?
Budgeting can be creating a detailed plan to manage your money, including setting financial goals, tracking income and expenses, and adjusting spending habits.
What is a stock?
A stock is a share in the ownership of a company.
What is a resume?
A document that summarizes your work experience, education, skills, and achievements, required when applying for a job.
What is a credit score?
A number that predicts your credit behaviour such as how likely you are to pay a loan back on time, based on information from your credit reports.
What is a secured loan?
A type of loan that is secured by an asset, such as a home or car, which can be seized by the lender if the borrower fails to repay the loan.
What is a budgeting tool or budgeting app?
A budgeting tool or app is a financial tool, often a spreadsheet or app, that helps individuals track their income and expenses.
What is diversification?
Diversification is an investing strategy that involves spreading investments across various assets to reduce risk.
What is workplace etiquette?
The standards and practices expected in a professional work environment, including communication and behavior.
What is a credit limit?
The maximum amount of money a credit card holder is allowed to borrow from a financial institution.
What is a loan agreement?
A document that outlines the terms and conditions of a loan, including the interest rate, repayment schedule, and any fees associated with borrowing.
What are discretionary expenses?
Discretory expenses are non-essential expenses that can be adjusted or eliminated in a budget.
What is return on investment (ROI)?
ROI is a statistic that measures the profitability of an investment, calculated as the net gain or loss divided by the initial amount of money invested.
What are employee benefits?
Non-wage compensations provided to employees that can include health insurance, retirement plans, and paid time off.
What is Equifax or TransUnion?
A Canadian agency that collects and maintains credit information on individuals and provides credit reports to lenders upon request.
What is loan consolidation?
The practice of combining multiple loans into a single loan with a single monthly payment, used to simplify repayment or obtain a lower interest rate.
What is the 50/30/20 rule?
This rule suggests putting away 50% of income to needs, 30% to wants, and 20% to savings.
What is a bull market?
A bull market is a name for a market that is expected to rise.
What is minimum wage currently
$16.75
What is the Financial Consumer Agency of Canada's (FCAC) credit card regulations?
A Canadian regulation that mandates that lenders provide clear and simple explanations of credit terms and costs to borrowers. Made in 2019.
What is the Office of the Superintendent of Financial Institutions (OSFI)?
A canadian government agency that regulates federally chartered banks and ensures they adhere to laws and regulations related to loan practices.