Financial Literacy 1
A financial institution that accepts deposits from the public.
A Bank
What is the animal on a 5 cent Canadian nickel?
What is a beaver
Whats the abbreviation for an Automated Teller Machine?
ATM
When you take money out of your bank account.
What is a withdrawal?
A book is __________ (Good/Service)
What is a good?
A thing that is borrowed, especially a sum of money that is expected to be paid back in interest.
Who appears on the $20 bill and most coins?
Who is Queen Elizabeth?
What the name for a paper document issued by an employer to pay an employee for services rendered.
A paycheck
When you put money into your bank account.
What is a deposit?
Someone that shovels your driveway is ______ (good/ service)
What is a service?
A card issued by the bank that allows the holder to transfer money electronically to another account when making a purchase.
Debit Card
What is one paper money amount that is no longer made?
What is the $1, $2, $25, $500 or $1000 bill
Johnny really wants the new Playstation 5, which costs 800.00. Johnny has $20.00 in his bank account. However, he just received a credit card with a $2,500 limit. Should Johnny use his credit card to buy a PlayStation? Why or why not?
NO! Johnny should not use his credit card because he does not have enough money in his checking account. A person should never borrow money if they do not have the same amount in their checking account.
A plan for earning and spending over a period of time.
What is a budget?
I have purchased Netflix. (Need/ Want)
What is a want?
I have enough money to pay the balance of my credit card, but I just pay the minimum monthly payment. Is that the best financial decision? True or False
False
Paying the minimum amount is not the best decision. A person is charged interest when their credit card balance is not at 0 by the end of the month.
What year was the last penny made in Canada?
What is 2012.
Name 3 banking institutions in your neighborhood.
Scotia, HSBC, RBC, TD Bank, Westminster Savings Credit Union, Coast Capital, ect
A way to send money by email.
An e-transfer
My parents pay the electricity bill. (Need/Want)
What is a need?
A piece of paper that is signed by an individual and given to someone else as payment.
Cheque
What woman appears on the new $10 bill and why?
Who is Viola Desmond she stood up against racial segregation in Nova Scotia in 1946.
The bank pays you $5 for every $100 dollars you have saved. If you have $800 saved this is how much you would get in interest.
What is $40 or $840?
What is the minimum wage in Ontario?
$16.55
These are two ways you can invest your money.
What are invest and the stock market?