BSA

Loans

100

The fee you pay to borrow money

What is interest 

200

The benefit of student loans over types of loans

What is interest-free status and no principal repayment while in school

300

The drawbacks of student loans 

You can't get rid of student debt through bankruptcy. you have to pay it off. Also, they need to be paid back regardless if you actually graduate  

400

This score is hurt when you miss payments on loans 

What is credit score

500

what are the two main factors in determining how much interest you have to pay on the loan

what the risk of the loan (how likely the lender is to get their money) and credit score 

Credit Cards

100

this is the key difference between a credit card and debit

A credit card lets you spend more than you currently have whereas a debit card only lets you spend what you have access to in your account

200

The amount you can spend/owe on your credit card 

What is a credit limit

400

Credit cards typically have a high rate of interest because the money can go towards anything. what is the name of that type of loan 

what is an unsecured loan 

500

A credit card with a 20% annual interest rate if no payments are made will take this much time to double.

This doesn't have to be exact and 

Hint* rule of 70 and you may use google for this but be fast!

Roughly 3.5 years the debt will double this means in 35 years if you started with $1000 you'd now owe 1,024,000!

work

100

minimum wage in BC

What is $11.35 an hour

200

To be considered the full time you work at least this many hours a week

at least 35 hours 

300

How many hours do you have to work before you get over time?

*Most jobs

Most jobs you are required to get paid overtime after 8 hours in one day or 40 hours in a week. 

This can be different if your in a union and some jobs have special rules 

400

what is a Union? 

A union is a collective of employees that negotiate as one so they have more bargaining power to protect employees 

500

your pay cheque is often less than what earned because of these deductions 

Give at least 3 

Employment insurance 

Canada Pension Plan

Provincail income taxes

Federal income taxes

Union dues

Pensions and RRSPS

Saving

100

complete this phrase: a penny saved 

is a penny earned

 

200

How can you get a free checking account 

Tell the bank you're a student 

300

This lets you earn more on your savings. Interest earned on prior interest earned is called

 Compounding interest 

400

What is an RRSP?

Registered Retirement Savings Plans. 

RRSP's reduce how much income tax you have to pay now. Money put into this doesn't get taxed until you retire helping you save more

500

Many people invest in the stock market what are they buying and why

Stocks are shares of companies. you are becoming a part owner of the company with the hopes of getting a share of the profits. 

Please note this has a lot of risks as well companies can lose money and go broke just like people can.