What should I use?
This method makes sure I don't forget to pay my cell phone each month!
What is AUTOMATIC PAYMENT?
(automatically comes OUT of my bank account on a specific date I choose each month)
True of False
A high credit score is BAD!
What is FALSE!
A high credit score means you are GREAT at paying off your debts on time and the bank knows your are trustworthy!
Which is MORE?
5 dollars or 50 cents
What is 5 Dollars?
5 dollars = 500 cents
A plastic card that allows the cardholder to borrow money to buy things.
What is a CREDIT card?
This form of money is the physical form of currency.
What is CASH?
My employer needs my bank information so I can get paid every two weeks. How does my employer make sure I get my salary?
What is AUTOMATIC DEPOSIT?
(deposits money directly into my bank account)
True or False
Digital currency like cryptocurrency means you don't have to use a financial institution, like a bank.
What is TRUE!
Your digital wallet is secure (encrypted) and you can send money to another digital wallet without having to get the bank involved!
Which is LESS?
2 dollars or 2000 cents
What is 2 dollars?
2 dollars is LESS than 20 dollars (or 2000 cents)
A plastic card that allows you to buy things with money from your bank account.
What is a DEBIT Card?
This form of money is considered virtual coins.
What is CRYPTOCURRENCY? (Bitcoin, etc)
I bought a house in Nova Scotia! What method do I use to give my $40,000 down payment to the seller's bank?
What is a WIRE TRANSFER?
(The bank deducts the amount directly from your bank and send's it directly into the other person's bank - very secure for large amounts. Can be sent anywhere in Canada or around the world)
True or False
If you pay your credit card balance each month in full, you will have a good credit score.
What is TRUE!
Yes, paying it off each month means you are trustworthy, and the bank will be more likely to loan you more money when you need it.
How many dollars is...?
$20 + $20 + $50 + $50=
What is $140.00?
You buy a new TV from Costco worth $2000.
What is a CREDIT card?
True or False
Cashback on Credit Cards means the cardholder can earn back 1%, 2%, 3% or more back on the money they spend.
What is TRUE?
Example: I buy $100 worth of gas on my Costco credit card and they give me 3% cashback, so they give me $3.00 worth back in savings!
I need to give my landlord my rent each month, so I give them....
What is a CHEQUE?
(A handwritten bank note addressed to my lanlord with the amount and date, and I sign it. The landlord deposits the cheque into his/her account and the money comes out of my account)
True or False
I buy a Big Mac Combo for $12.99 plus 13% tax. I pay with my McDonalds gift card worth $25 so I still will be able to use the gift card again.
What is TRUE!
$12.99 plus tax (13% tax) = $14.68
SO YES! My gift card of $25 is more than that! In fact, my gift card will still have a balance of $10.32. Once I spend any remining money, the gift card will have NO more value.
I bought a toy for $15.50 and paid with a $20 dollar bill. How much change will I get?
What is $4.50?
$20.00 - $15.50 = $4.50
You grab takeout from Swiss Chalet for $20.
What is DEBIT card?
What is an E-transfer?
EMT = Electronic Money Transfer
This method is when my bank account information is stored on my phone and I can tap my phone or smartwatch like a debit card.
What is an ELECTRONIC WALLET?
(Apple Pay, Google Pay, etc)
True or False
Online payments can only be used with a credit card.
What is FALSE!
Online Payments (such as using PayPal) can be linked to EITHER your credit card or debit card/
True or False and why?
It's always good to keep a little bit of cash with you!
What is TRUE?
Cash is always good to have just in case electronic methods (like debit machines) aren't working or situations like the internet is down.
If I use this card I might have to pay the bank interest.
What is CREDIT card?
True or False
I own 2 Bitcoins worth $200,000 today. Tomorrow they are guaranteed to be worth even more! : )
What is FALSE!
Cryptocurrency changes ALL the time - some days it's worth more, others maybe less. It can be a good investment, but it comes with risks.
Cash is always worth the same amount everyday. You can invest it too, but it too can come with risks..