Earning It
What do you need to consider when getting a job?
Hourly Rate, Schedule and commitments, location and how to get there.
What is an RRSP?
A Registered Retirement Savings Plan
What are needs?
Things that are necassary for basic living
What is the 24 hour rule?
Think for 24 hours before purchasing something that you want.
What is a benefit of thrifting?
You can purchase used products in good condition that will be useful rather than paying full price for something brand new.
What is a pay stub?
A check with information about your income and deductions.
How old are you when you are eligible for Federal HST?
19
What is an example of a need?
Food, Clothing, Housing, Water, Electricity.
What order is the following: Bills, Savings, Fun?
1. Savings
2. Bills
3. Fun
What is the difference between cheap and thrifted?
Thrifted items are good quality, but not brand new. Cheap items are often not very good quality.
What is CPP?
Canadian Pension Plan
What is HST?
Harmonised Sales Tax.
What is a want?
Something that is unnecessary that you may purchase as a "treat".
What is one pro of a Saving Account?
Earn higher interest.
What are the negatives of impulsive purchses?
Absorb available cash quickly.
What is Gross Pay?
The amount you earned before all of the deductions
What is the adult minimum wage in Ontario?
$16.50
What is an example of a want?
Expensive/ New Clothes, Vacations, Concert.
What is one con of a Chequing Account?
Paying Service fees.
What is a con of a Saving Account?
Your money isn't easily accessible.
What is YTD pay?
Year to date pay is the amount of money you've earned so far that year.
Why are servers payed less than minimum wage?
The employers count the large tips as part of the employees pay.
Whats a long term spending goal example?
Post secondary education, buying a car, buying a house.
What should you do before going shopping?
Make a list, look for coupons and deals.
What is a pro of a Chequing Account?
Useful for check deposits and paying bills frequently.