Money Matters
Credit & Debt
Budget & Goals
See my In-vest
Grab Bag
100
Your friends order a $20 pizza. You tap a card, and the money comes directly from your bank account. You did NOT borrow money from the bank. What kind of card did you use?
What is a debit card?
100
Name two ways credit cards can cost you money?
Interest charges and annual fees.
100
You want a $900 gaming setup. You already have $300 and can save $100 per month. How many more months do you need?
What is 6 months?
100
You invest $1,000 at 5% simple interest for one year. How much interest do you earn?
What is $50?
100
Among RRSP, RDSP, and TFSAs, this Canadian account can be used to save or invest money, and investment income earned inside it is generally not taxed.
What is a TFSA?
200
You notice a $200 purchase on your credit card statement that you don't recognize. What should you do first?
What is report it to your credit card company?
200
You owe $1,000 on your credit card and don't repay it according to the card's terms. An additional cost may be added to what you owe. What is this cost?
What is interest?
200
You get $300 from your part-time job and spend $80 on food and entertainment. The $80 is an example of this.
Response: What is an expense?
200
This type of investment involves you giving money to a government or company, and they promise to pay you back with interest.
Response: What is a bond?
200
A credit card company advertises the yearly cost of borrowing money on its card as a percentage. This rate helps you compare how expensive different credit cards can be when carrying a balance.
What is the APR (Annual Percentage Rate)?
300
You are shopping on a U.S. website from Canada. The price is listed in U.S. dollars. This is one factor you must consider before figuring out what the purchase will actually cost you in Canadian dollars.
What is the exchange rate?
300
You have $40 in your account. You buy a $35 video game using your debit card. Your friend says, "Congrats, you just went into debt!"
Is he right?
Response: What is false—you used your own money?
300
Buying art supplies in a few weeks, saving for a special class next year, and saving for a car several years from now are examples of goals with different...
What are timelines?
300
With this type of interest, you can earn interest on both your original money and interest that has already been earned.
What is compound interest?
300
Common types of reward cards offered by credit card companies include:
- Reward points — The cardholder earns reward points to use on products or services such as dining, travel and groceries.
- Bank loyalty — The cardholder earns rewards on banking products like extra credit or savings.
And THIS KIND where — The cardholder receives cash or credit equal to a percentage of their total purchases.
What is Cashback?
400
You exchange $500 CAD for US dollars. The exchange rate is $1 CAD = US$0.75. How many US dollars will you receive?
What is US$375?
400
Name one potential benefit of using a credit card responsibly.
Building a credit score, earning reward points, or having access to borrowed funds.
400
Nimki would like to purchase a bicycle that he can use to travel to school and other activities in his community. As he begins comparing different bicycles and retailers, he notices advertisements promoting different loyalty rewards programs. If Nimki signs up for one of the programs, he would have the chance to collects points from his purchase. He is not sure if the points he would receive would be worth it.
Take a moment to think about what Nimki needs to consider when deciding if he should sign up for a retailer’s loyalty program.
First, he would need to consider if he is comfortable with providing his personal information to the retailer. Second, he would need to decide if he would want to buy anything else from the retailer. If he doesn’t end up spending the loyalty points, then it would not be worth collecting the points.
400
Instead of investing in one company's stock, you invest in a collection containing things such as stocks and bonds. Many investors contribute to it.
Response: What is a mutual fund?
400
Between stocks, bonds, GICs, and mutual funds, these investment products are very secure. The downside is the individual cannot access their money for a set amount of time, and the interest rate is relatively low.
What are GICs?
500
A store advertises a jacket as 50% off, but you weren't planning to buy a jacket at all. Before buying it, you should ask yourself whether it is a...
What is a need or want?
500
You receive a text saying, "Your bank account has been locked! Click this link immediately to verify your credit card information." This type of scam often tries to trick you into giving away personal or financial information ... and it doesn't require poles, nets, hooks, or worms.
What is phishing?
500
Between stocks, bonds, GICs, and mutual funds, these investment products are best known for earning a higher rate of return and increase the value of the investment.
What are stocks?
500
You invest $1,000 at 10% compound interest for two years. How much money will you have at the end?
Response: What is $1,210?
Calculation:
Year 1: $1,000 → $1,100
Year 2: $1,100 → $1,210
500
Before making a purchase, consumers should take time to think about their options. Name two of them:
When trying to make an informed decision, they should consider the following questions:
- Is the product a want or a need?
- Is the purchase within budget?
- What is the total cost, including taxes, shipping fees, and other charges?
- Does the incentive provide real value, or does it encourage additional spending?