Credit
Mortgage
what age is do you have to be to open a bank account?
13 years old
What is saving money?
setting aside a portion of your income for future use instead of spending it immediately.
What is a credit score?
between 300 and 900, that helps determine your creditworthiness
What is interest?
Interest is a rate is the percentage charged or paid on a loan
What is a student loan is used for?
Used to finance education i.e. text books laptops used for school or school supply's.
how do Credit cards make money?
credit cards make their money via interest, Lending, Fees ,or Investments
Where would you keep money for saving?
Savings account
What factors most influence your credit score?
payment history, amount of debt, length of credit history
What is the principle of a loan?
The original amount of money borrowed from a lender that has to be paid back
A personal finance account
What is the difference between a Credit card and a Debit card
Credit cards lend money from the bank you are supposed to pay back, and Debit cards use money from and personal account
Are there fees for a savings account?
many savings accounts offer no or very low monthly fees, they may still have fees associated with specific transactions.
What are the consequences of having a low credit?
You may get denied more often or face higher interest rates
What is an interest rate?
The percentage a lender charges on the money you borrow or you gain on an investment I.e. savings fund
A Term loan is defined as?
A set amount of money that can be borrowed over time.
What type of bank accounts are there?
checking and savings
Can I save money without a bank?
ou can use physical safes, prepaid debit cards, digital wallets, peer-to-peer payment apps, or even consider credit unions as alternatives
What is a good credit score?
between 670 and 739
How does your money grow in a savings account?
Your money grows by earning interest from the bank, which adds to your balance over time
An auto loan is used for?
To buy a Vehicle
are there fees with a bank account?
any bank accounts come with fees, but not all.
Do I pay taxes on savings?
interest earned on savings accounts in Canada is generally taxable.
how can you make your credit score better?
Try to use less than 30% of your available credit. It's better to have a higher credit limit and use less of it each month.
What is the difference between compound interest and simple interest?
Compound interest earns interest on both the original amount and the interest already added, while simple interest only earns interest on the original amount