Income and employment
This is any and all money that a person makes
Income
This is a financial plan detailing expected income and expenses for a defined time frame
A budget
This serves as money that a person must pay after spending it
Credit
This is a percentage of costs that must be paid to the government for the betterment of all citizens
Tax
List two ways people can save money when shopping
Use a coupon, compare prices
Gross pay
These are monthly costs that do not change
Fixed expenses
This is borrowed from a lender that must be repaid with interest over time
A loan
Doing this can be risky because your money may increase or decrease over time depending on the stock market
Investing
Phishing, fake investments, and theft are types of these
Scams
Two examples of deductions taken in net pay
Income tax, insurance, pension, employee benefits
What are 2 examples of fixed expenses?
Rent, car payment, insurance
This is a used specifically to buy real estate and must be paid back
A mortgage
This is money taken from a paycheck and given to the government to fund public services
Income tax
This protects consumers' purchases to ensure that if a product is defective, the consumer gets their money back
A warranty
What is the primary source of income for most people?
Employment income
Variable expenses
This is a percentage that accumulates and must be paid when a person takes out a loan
Interest
What does TFSA stand for?
Tax-free savings account
This is intentional deception to secure financial gain, sometimes by lying about one's income
Fraud
This is the legally mandated lowest hourly pay employers must give to workers to ensure fair compensation
Minimum wage
This type of savings is to support a person financially during unexpected circumstances, such as repairs to a vehicle or loss of job
Emergency fund, AKA slush fund
What is the difference between credit and a loan?
Credit is more flexible and usable in the moment. A loan must be asked for from the bank, and is for purposes like a large expense (e.g. a new car)
What does the P in RRSP stand for?
Pension
People who do this steal the personal information of others, such as their name, address, and banking information to commit fraud
Identity theft