Borrowing
Banking
Acronyms
Economics
Scams/Fraud
100
What are at least two reasons why people borrow more money now than people did 30 years ago?
We are more obsessed with wanting THINGS. People make more money therefore qualify for more credit. Interest rates are low so cost of borrowing is reasonable. Debt is more accepted than it used to be.
100
A cheque that is dated more than 6 months ago is called: A) Stale Dated B) Overdraft C) NSF D) Post-Dated
A) Stale Dated
100
Which statement is true when you are trying to figure out how much you can contribute to an RRSP? a) No limit if you do not have a pension b) Based on what you contributed last year c) 18% of your taxable income d) A formula based on wage, age, and marital status
Based on 18% of your taxable income (up to $24,000)
100
When supply of a product that a producer is willing to make exceeds the demand the consumer is willing to buy this results in: a) a shortage b) equilibrium c) a surplus d) confusion d)
c) Surplus
100
Name three different pieces of information a fraudster could take from you that might help them to scam you?
SIN # Driver's License # Name and Address Health Number Email Passport Number Passwords PIN # Credit Card #'s Bank Number
200
What can you do to lower the cost of borrowing for yourself?
Pay off loan sooner. Establish a better credit rating. Do your homework and know the total cost you will pay for any loan you take. Have a better down payment. Shop around for the best rate.
200
In which two Canadian cities does the Royal Canadian Mint operate?
Ottawa and Winnipeg
200
What is the age when everyone is required to transfer their RRSP account to a RRIF or an annuity?
71
200
Which is the best definition for economics? a) Relationship between supply, demand, scarcity and choices. b) Consumption of decisions c) The best way to run society. d) Condition of a region.
A) The relationship between supply and demand as well as scarcity and choices.
200
If you were a cashier and received a suspected counterfeit bill from a customer, what are at least three things you should do?
Return the bill and tell them you can't accept it Ask for another bill Tell them to go to the police report it Tell your manager Try to gather as much information as possible to help pass on to the police.
300
When you go to borrow money and the financial institution calculates your TDSR, what is the percentage rate that they want you to stay below?
42%
300
What is the process of making sure the balance in an individual cheque register matches with their bank statement called? A) Compounding B) Reconciling C) Balancing D) Budgeting
Reconciling
300
What is the formula for calculating your TDSR?
Stands for Total Debit Service Ratio Total Monthly Debt Payments / Gross Monthly Income
300
Your friend calls and wants you to go to a movie. You tell them you are busy doing your homework but they convince you to come with them because they will pay and you have wanted to see that movie for a long time, what are your opprotunity costs in this situation?
What you gave up - Doing your homework. Your opportunity costs is missing out on doing your homework.
300
What are at least two other options than using a payday lender to get fast money?
Borrow from a friend or family member Go to the bank for short term loan Ask for an advance from your employer Resist the urge to buy and delay purchase Sell something to raise cash
400
What are at least three types of credit people can access?
Credit Cards Charge Cards Consumer loans Mortgages Lines of Credit Business Loans Installment Buying
400
Name one way banks and credit unions are different and one way they are the same.
Banks are profit driven. Credit Unions profits returned to members Banks run by boards. Credit unions run by member boards. Both have their funds insured. Banks are normally national. Credit unions are found more locally in regions. Both provide similar services.
400
What are two reasons you can take money out of an RRSP without having to pay tax?
To Buy a house - Home Buyer's Plan Education - Lifelong Learning Plan
400
What are three different types of economic markets? a) Free Market, Farmers' Market, Mixed Market b) Command, Traditional, Official c) Mixed, Command, Free Market
C) Mixed, Command and Free Market Traditional market is also a type. What is Canada - we are a mixed market
400
What are three ways you can identify a counterfeit bill?
Raised Ink Holograms Clear plastic Numbers found when held up to light Raised dots
500
What does the term amortization mean?
The period of time over which you agree to pay back a loan.
500
Name three out of the four roles of the Bank of Canada.
Work to control inflation Provide regulations that monitor our financial system Sets the interest Rate Is the Bank of the Federal Government
500
If you are 30 years old and you have never contributed to a TFSA, what could you contribute in 2016?
$46,500 2009-5000 2013 - 5500 2010-5000 2014 - 5500 2011 -5000 2015 - 10,000 2012 -5000 2016 - 5,500
500
What type of demand is there for gas prices? a) Elastic b) High c) Low d) Inelastic
d) Inelastic meaning that the price can rise quite a bit before it changes our habits. We will still buy gas if it fluctuates. If we decide not to buy the pizza lunch because the price goes up by 50cents that would be elastic because we react quickly to a small price change.
500
If you suspect that you have been a victim of a scam there are four things you should do. Name all four.
Contact the police and file a report Contact your bank and credit card company Contact the credit bureaus - Equifax and Transunion Contact the Canadian Anti-Fraud Centre
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