What am I? (Name the term)
Financial Responsibility, Financial Resilience, or Financial Planning?
What do you mean?
(Define the term)
(Define the term)
Give an example of…
Components of a Paycheque - Multiple Choice
100
I keep track of your income, I decide what to spend your money on, and I reach long-term and short-team goals over a set period.
Budget.
100
I am all about managing your money in a way that is in your best interests and meets your unique wants, needs, and goals.
Financial responsibility.
100
What are needs in the context of budgeting?
Needs are things that are required to maintain a basic standard of living.
100
Give an example of a medium-term financial goal (in 1 to 5 years)
Examples: saving up for college/university, buying a car
100
These are made on your paycheque for things like employment insurance, health benefits, government taxes, and more.
a) Reductions
b) Deductions
b) Deductions.
200
I am the money received, most often on a regular basis, for work or through investments.
Income.
200
I am the ability to adapt and persevere through predictable and unpredictable financial situations and difficulties in life.
Financial resilience.
200
What are wants in the context of budgeting?
Wants are things that you wish to have but are not necessary.
200
Give an example of a long-term financial goal (to meet later in life, more than 5 years from now - achieving these goals can be far in the future, but these goals are affected by the choices we make now)
Examples: buying a house, having enough money for retirement
200
What you earn before deductions are made.
a) Gross pay
b) Net pay
a) Gross pay.
300
I am the process of creating a plan that outlines your current money situation, your goals, and the ways you will achieve them.
Financial planning.
300
Give an example of a fixed expense (these are expenses that cost the same amount every month, which means they can be easier to track in your budget)
Examples: paying rent, cell phone plan, streaming service (ex: Netflix), etc.
300
The amount that is actually deposited in your bank account or is on your paycheque after deductions have been taken
a) Gross pay
b) Net pay
b) Net pay.
400
Give an example of a variable expense (the cost changes every month. Variable expenses have flexibility that fixed expenses do not. So, if you need to make adjustments to your budget, variable expenses are often the best place to make changes)
Examples: groceries, transportation, clothing, dining out, home utilities, etc.)
400
In what job situation would you be paid the full amount without any deductions?
a) You’re self-employed
b) You earn tips as a server in a restaurant
a) You’re self-employed.
500
What are common types of deductions?
a) Canadian Pension Plan
b) Employment Insurance (EI) premium
c) Income tax
d) Job-specific deductions
e) All of the above
e) All of the above.
