Mutual funds
What are mutual funds?
A managed investment fund.
What is income tax?
A tax that the gouvernement takes off your payments.
What does the M in S.M.A.R.T stand for?
What is a fixed expense?
A fixed expense is something that you need to pay, for example groceries or taxes.
The paper that you get that shows your pay and deductions is called...?
Pay stub
In order to be a mutual fund, how many companies need to be involved?
More than 1
What is an income tax return?
A document you île to have the income tax you’ve been deducted of returned to your account.
True or false: Wanting to save $100 a week while working a full time job, is a S.M.A.R.T goal.
True
What is a discretionary expense?
An expense that is not needed but wanted, for example to go out for dinner or to go to the movies.
What is the amount of money you take home called?
Net pay
True or false: Mutual funds are worth investing in?
Yes, because they are in combination with many high tech and good companies and they have a better return rate than other investments.
What are income taxes used for?
To provide for national programs such as EMS, doctors and teschers.
What does that T in S.M.A.R.T stand for?
Time-based
True or false: Paying for gas is a fixed expense?
True, in order to go to work or travel any where you must pay for gas.
The money that you get when you are older and stop working is called your...?
Pension
True or false: Mutual funds are safe.
Yes, they are more safe than a single investment in the stock market.
How much can a Canadian make before they start paying income tax?
Around $11,600
True or false: Wanting to go on a trip to Europe with $400 in your bank, is a S.M.A.R.T goal
False
True or false: a monthly fee is not an expense on an adult credit card?
False, it is an expense.
What is the amount of money you earn every month or year?
Salary
True or false: mutual funds consist of at least 200 funds.
False, as long as there is more than one fund it is a mutual fund.
True or false income taxes can be returned?
True
What does the S in S.M.A.R.T stand for?
Specific
List one strategy on how to budget your money.
1. Make a weekly budget
2. Use cash to keep track of spending
3. Keep track of needs vs. wants
What are 3 types of deductions on a pay check?
Tax, EI, CPP, union dues, health. (Any of these)