RESP
This savings plan is designed to help students pay for post-secondary education.
RESP
This account is used for everyday spending like purchases and bill payments
Chequing account
Stocks are ______?
Buying a small piece (share) of a company and can grow or drop in value.
Credit Cards are _____?
A credit card is a payment card that allows you to borrow money up to a limit to purchase goods, services, or withdraw cash.
Money inside an RESP grows without being taxed while it stays in the account.
This type of account earns interest and is meant for saving money.
Savings account
Bonds are _____?
Lending money to a company or government and earn interest.
True or False: There is a credit card for students.
True
This group usually contributes money over time into an RESP for a student.
Parents or Guardians
True or False: Students usually pay a monthly fee for student chequing or savings accounts.
False. No monthly fee
Both bonds and stocks are ______ risk but _____ reward?
Higher
This is useful for big purchase such as house and car.
Credit Score
This group adds extra money to an RESP as a bonus.
Government
These are limited in a savings account but more flexible in a chequing account.
Transactions
This investment provides a steady income through interest
Bonds
A loan that lets students borrow up to limit when needed.
If the money in an RESP is not used for education, this can happen.
Penalties
This is typically low or not earned in chequing accounts but higher in savings accounts.
Interest
These two companies are good stocks to invest in.
Acceptable answer:
- Nvidia
- Amazon
- Netflix
- S&P 500
- Shopify
- Tesla
True or False: You have to pay interest on all the money in your line of credit
False. You only needed to pay interest on the money you spend.