Accounting
What is an asset?
a resource that has dollar value
What does GDP stand for?
Gross domestic product
What is fraud?
Using deception and tricks to take advantage of people usually to get their financial info or money
What is a savings accounting?
An account used to hold money for future use and has interest towards it
What latin word does money come from?
Moneta
when someone owes the company it is called?
account receivable/credit
what is a monopoly?
when a single company or entity controls the supply of a product or service
what is phishing?
Using emails or websites that seem legitimate but aren't to steal people's personal info
What does TFSA stand for?
Tax-Free Savings Account
What is the name of the most expensive stock?
Berkshire Hathaway Inc
When the company owes someone money it is called?
account payable/debt
What is opportunity costs?
the loss of an alternative during decision making; trade-offs
What is a romance scam?
What is a chequing account?
An account used to do everyday transactions, like paying the bills, buying groceries, etc
Oldest currency used?
British Pound
What is a credit score?
A 3 digit number that rates your ability to pay back your debts
Example: losing exercise
Explain the hitman fraud/scam?
An email claims to you that someone close to you has betrayed you and decided to hire a hitman to kill you. If you send them money, they will reveal who the hitman is and give you more details.
What is OSAP
The Ontario Student Assistance Program (OSAP) is a financial aid program for those going to post secondary and provide grants and loans.
Why are US Dollars Green
this was because green ink didn't fade or break down, lowering and preventing the chance of counterfeits
What is the Fundamental Accounting Equation?
Assets = Liabilities + Owner's Equity
Explain Microeconomics
the study of behaviour in individual small units, like everyday choices or in businesses.
What is a Ponzi Scheme?
When an investor invests, but the money they get back is from those earlier investors and it builds up until the new investment dries up
What factors determine your ability to obtain student grants/loans?
How many times can a bank note be folded?
4000 times