Wants vs. Needs & Spending Factors
Food, shelter, and basic clothing fall into this category of spending essential for survival.
What are Needs?
This term refers to the total amount of money you earn before any deductions or taxes are taken out.
What is Gross Pay?
This federal program provides temporary financial assistance to Canadian workers who have lost their jobs through no fault of their own.
What is Employment Insurance (EI)?
In the 50/30/20 budgeting rule, 50% of your net income should strictly be allocated to this category.
What are Needs?
This team is Mr. Corkum's favourite hockey team
Who are the Toronto Maple Leafs?
A designer hoodie or the latest smartphone upgrade are examples of this category of optional spending.
What are wants?
This is your actual "take-home pay"—the amount deposited into your bank account after all deductions.
What is Net Pay?
This mandatory deduction provides a monthly, taxable benefit to retired Canadians to help replace a portion of their income.
What is the Canada Pension Plan (CPP)?
According to the 50/30/20 rule, this specific percentage of your income should be set aside for savings and paying down debt.
What is 20%?
This school-wide event is taking place on the morning of Friday, October 2nd.
What is pancake breakfast?
Advertising, peer pressure, and social media trends are examples of this type of factor that influences your spending.
What are societal factors?
To calculate your Net Pay, you must subtract this general category of items from your Gross Pay.
What are Deductions?
Aside from job loss, name one other life event where a worker can claim EI benefits.
What is maternity/parental leave, sickness/illness, or caregiving?
While a basic phone plan to stay connected with family is considered a "Need" (50%), choosing to pay for an expensive monthly data add-on or a premium phone upgrade belongs in this budgeting category.
What are Wants (or the 30% category)?
This is the name of the Canadian rock band on the poster on the wall of room 303
Your personal values, unique hobbies, and current emotional state are examples of this type of factor influencing how you use your money.
What are personal factors?
This is the specific term used to describe the period of time (such as weekly, bi-weekly, or monthly) during which you earned the wages shown on your paystub.
What is a Pay Period?
In Ontario, your provincial income tax dollars are heavily directed toward funding this major sector, which includes hospitals and doctors.
What is Healthcare?
Overtime pay in Ontario is commonly called "time and a half" because the overtime rate is this many times your regular hourly wage.
What is 1.5 times?
This is the national animal of Scotland
What is a unicorn?
Refusing to buy American-made products at a grocery store to support local Canadian farmers is this example of a societal factor.
What is Economy?
On a standard Ontario paystub, YTD stands for this, showing your total earnings or deductions from January 1st to the current date.
What is Year-To-Date?
This level of government collects income tax to fund nationwide public services like the military, passports, and federal borders.
What is the Federal Government?
In Ontario, the standard legal threshold where an employer must start paying a worker overtime is after this many hours worked in a single week.
What is 44 hours?
Ms. Sharratt