Methods of Payment
banknotes, coins, bills
What is cash?
the two things that make up a budget
What are expenses and income?
money paid regularly at a particular rate for the use of money lent
What is interest?
allow people to get discounted or free travel based on how much they spend on their card
What are air travel miles? What are air miles? What are air travel rewards?
25% as a decimal
What is 0.25?
using a credit card and paying it off on time
What is a way to build credit?
the amount of money you actually get paid, the amount of money that is deposited from a paycheque
What is net income?
simple interest
What is the amount of interest that
only applies to the principal (original) amount?
loyalty program or rewards program
an incentive program that rewards loyal consumers; they typically receive either a discount on purchases or points that can be used for future purchases.
a medium of exchange for goods and services
What is currency?
ways to send money you have in your bank account (3)
What are e-transfers, wire transfers, cheques?
costs that remain relatively constant each month, like rent or a cell phone bill.
What are fixed expenses?
compound interest
What is interest calculated on the principal as well as the accumulated interest from previous periods?
programs provide the cardholder with money based on their credit card purchases (e.g. 2% cash on all gas purchases)
What are cash back rewards?
What is when you earn more/less income, have new savings goals or new expenses?
ways to pay a store money you have
What is a debit card and cash?
designer shoes, a new car, a vacation, hobby items...
What are some reasons for savings? What are savings for in a budget?
What is $32?
going to Talize, Vinnie's or purchasing from Marketplace
What is buying second hand?
formula for exchange rates
Exchange rate = starting amount (original currency) / ending amount (new currency)
not paying a credit card on time (2)
What is owing interest and lowering your credit score?
CPP, employment insurance, union dues, etc.
What are deductions? What are deductions on a paycheque?
the amount of interest made on a $500 investment at 5% compounded annually for 5 years
What is $138.14?
sign up for a new MasterCard, spend $100 and get a free iPad
What is an incentive program?
GBP (currency)
British Pound (UK)