Money Basics
The money you set aside for future use is called?
What is... savings?
Money you owe someone else in the form of credit cards, bank loans or mortgages is known as?
What is debt?
Trendy clothes, fast food, make-up and video games are all examples of what?
What are wants?
Putting money into something you hope will increase in value in the future is called?
What is investing?
The best way to ensure you are sticking to your money plan is to?
What is track your spending?
A plan you create to use your money in the most effective way possible is called?
What is a budget?
A type of card that allows you to make purchases with borrowed money for a fee?
What is a credit card?
Shelter, clothing and groceries are all example of what?
Banks use your money to generate their own income through investments and loans. The incentive they offer you to save with them is called?
What is interest?
A machine that allows you to withdraw money directly from your bank account, sometimes with an added fee is called?
What is an ATM?
Money deducted from your pay for government use.
What are taxes?
The total cost of borrowing money for a year is APR. What does that stand for?
Annual Percentage Rate
A report that shows lenders your creditworthiness based on your payment history, use of credit, and length of credit?
What is a Credit Score?
A good credit score leads to lower interest rates and better opportunities. You are more likely to be approved for a loan with good credit.
A low-risk investment in a bank for a set amount of time, with the promise of a higher interest rate as a reward for locking it in for that time period.
What is a GIC?
Guaranteed Investment Certificate
Your salary or income before taxes and other deductions are taken out is called?
An account used for everyday banking, including deposits, withdrawals, e-transfer, and bill pay, is called?
What is a chequing account?
Money borrowed from a bank or other lender that will have to be paid back plus more interest charges is called?
What is a loan?
The percent of your income that you should be aiming to set aside for savings
What is 20%?
A positive type of interest that grows on itself over time giving you back exponentially more money
What is compound interest?
Your salary or income after taxes and deductions are taken out is called?
What is Net pay?
A type of card that takes money directly out of your chequing account?
What is a debit card?
If you borrow on a credit card, you will have to pay back that amount plus what?
What is interest?
Percentage of your money the bible calls us to give back to God?
What is 10%?
A type of investment where you purchase a percentage of a company
These change in value depending on how the company is doing. This can be high risk.
What is a stock?
If you borrowing money to buy a house (mortgage) or buy a car and cannot make your payments what is the bank allowed to do?
What repossess (or take it back)?
The bank can take your home or car away if you do not make your payment.