Spending Plans
What is an example of a type of income?
ODSP
Paycheque
Financial Gift
An account where you can write cheques, pay bills, and do other personal money tasks is called?
Name two things that will have a negative impact on your credit score.
Missed payment.
Opening multiple Credit Cards
Name 3 types of scams
• Inheritance Scam (aka Nigeria Letter or Foreign
Scam)
• Advanced Fee Loans
• Cheque Overpayment Fraud
• Mass Marketing Fraud
• Phishing
• CRA Scam
• Telemarketing Fraud
• Credit/Debt Card Fraud
What is a Rain cheque?
If a store has sold out of an item. You can ask for a rain cheque. When they get more of that item, they will sell it to you for the sale price.
Is take-out a need or a want?
Want
An account where you earn interest on the money you put into is called?
A savings account
What are the two types of interest?
What are three ways you can prevent your identity from being stolen?
• Beware of providing personal information online
• Be careful before you click on links in emails
• Keep access codes, user IDs, passwords and PINS secret
• Protect your Social Insurance Number
• Pay attention to your bills and review your statements
• Shred unwanted documents or store them in a secure place
• Carry only the ID you need – keep your debit and credit cards safe
• Get a free annual credit report and review it.
What are three reasons to file your Income Tax?
• You may get a refund (money back).
• You may be eligible for government
benefits.
• You may be eligible for other
income-based programs.
• You might owe tax.
• It’s the law.
Define fixed expenses and give one example.
A fixed expense is any expense or cost that does not change over time, such as rent, phone, or internet bills.
Why should you check your bank statement monthly?
1. To ensure you are sticking to your budget
2. To ensure you haven't been scammed.
What are two ways to improve your credit score?
What is a red flag that your phone has been compromised? (A hacker has accessed your phone).
Data use increases
Your phone is slow or glitchy
Your phone is hot
Your phone battery dies faster
What is one way to avoid impulse purchases?
Define variable expenses and give one example
Variable expenses are expenses that change over time. For example, groceries, entertainment, and toiletries.
What is an automatic transfer?
Your bank automatically takes moeny out of one account and deposits into another.
What is an overdraft?
When you don't have enough money in your account to cover a transaction, but the bank pays the transaction anyway. The bank will charge you a fee when you use an overdraft.
What is the risk of doing a Facebook quiz?
Social media quizzes can ask the same questions your financial organizations use for security purposes to verify your identity when you need to change your password or access your account without a password. Some examples include the name of your hometown or the name of your first pet.
What is compound interest?
Compound interest is when you earn interest on the original amount of money and the interest you’ve already earned.
50/30/20 is a budgeting tool that helps you divide your income into needs, wants and savings. %50 of your income goes to needs, %30 goes to wants, and %20 goes to savings.
What bank account should you use for short term saving goals?
TFSA (Tax-Free Savings Account)
Name one example of Open/Resolving Credit and one example of Installement credit.
Open/Resolving Credit
A credit card or line of cred it
Installment Credit
Mortgage or card loan
What is phishing and smishing?
Both are used to steal your identity
Smishing attacks use text messages and mobile devices.
Phishing attacks primarily occur through email or fraudulent websites.
What do DTC and RDSP stand for?
Do you need a DTC to open a RDSP?
Disability tax credit
Registered Disability Savings Plan
You need a DTC to open a RDSP