Investing
What are stocks?
Part ownership of a company
What does "CRA" stand for in Canada?
Canada Revenue Agency
What is a credit score
A three-digit number designed to represent the likelihood you will pay your bills on time.
What are fixed and variable expenses?
What is a bond?
Loans to a company or government
What is an RRSP?
Registered Retirement Savings Plan
What does it mean to pay the minimum balance on a credit card?
Instead of paying the full amount of money you owe to a creditor, you pay the smallest amount required to avoid late fees.
What is the 50/30/20 rule in budgeting?
A guideline that allocates 50% of income to needs, 30% to wants, and 20% to savings
What is the name of the process where your investments earn returns, and those returns also earn returns?
Compound Interest
What is a TFSA? What are the benefits?
Tax Free Savings Account; type of account that lets you save or invest money without having to pay taxes on the growth or earnings.
What happens if you miss a credit card payment
You may be charged a late fee, your interest rate might increase, and it can hurt your credit score.
What tool can you use to track your income and expenses effectively?
A budgeting app, spreadsheet, or a written budget.
What is a diversified portfolio and what is its benefit?
A mix of different investments to reduce risk
What is a tax refund?
Money the government gives back to you if you paid more taxes than you owed
What is the difference between a secured and an unsecured loan?
A secured loan is backed by collateral, like a car or house; an unsecured loan is not.
What does it mean to pay the minimum balance on a credit card?
Instead of paying the full amount of money you owe to a creditor, you pay the smallest amount required to avoid late fees.