What Is Money?
State all 3 reasons why we use money in today's society.
What are...
1. To buy items
2. To determine value
3. To save for later.
This is the vocabulary term that means adding funds to an account.
What is a deposit?
This is how consumers determine what is available on the market.
What is consuming goods?
State what the acronym "TFSA" stands for.
What is a tax-free savings account?
This is the account that everyday purchases are done with that involves spending your income.
What is a chequing account?
This is the economic & cultural belief that it is more advantageous to possess more goods and services for benefits in life.
What is consumerism?
This is the method by which banks earn money from their customers.
What is charging interest?
This is the advertising technique that repeats words or phrases to help enforce a point.
What is repetition?
This is the acronym of the total sum of income that is earned over a year.
What is Year to Date (YTD)?
Tareq wants to save money so he can have income for travel. This is the accounts that he should use?
What is a savings account?
State 3 out of 5 ways that someone can spend money.
What are...
1. Cash
2. E-Transfer
3. Bank Cards
4. Digital Wallets
5. Cheques
Name 2 out of 4 ways that banks may be able to charge you a bank fee.
What are...
1. Exceeding transaction #s
2. International bank transfers
3. Not maintaining your minimum balance
4. Losing your bank card.
State 3 out of 7 ways to be a smart consumer.
What are...
1. Avoid impulse buying.
2. Evaluate advertisements.
3. Shop at ethical stores.
4. Double check sale items.
5. Be aware of refunds/returns.
6. Look for hidden costs (postage, duty)
7. Consider the quality and longevity
This is the name of the account that takes deductions from your paystub for retirement savings.
What is an RRSP (Registered Retirement Savings Plan)?
Jorge wants to buy new shoes for gym class. He wants to earn rewards on the side and plans to start creating a credit history. This is the payment method that he should use.
Name the method of earning money that involves purchasing a high-value item and allowing the value to increase over time.
What is a passive income?
True or False: Most banks offer different interest rates for different account types.
What is true?
This advertising technique involves having a short, catchy song to sell a product.
What is a jingle?
This is the percentage of income that should go toward savings & debt repair.
What is 20%?
True or False: Credit card payments cannot be automated on a banking account.
What is false?
Name 1 of 2 oceans where cowrie shells were located so the Chinese could collect & start circulating them as coins.
What are the...
1. Pacific Ocean
2. Indian Ocean
This defines the difference between an intentional and an impulse buy.
What is preplanned intent?
This advertising technique shows people living their everyday lives to appeal to a broad audience and promote its product for everyday use.
What is plain folk?
This is the maximum monthly contribution that could go into a TFSA account.
What is...
$7000/month?
State 3 types of rewards or incentives that credit cards can provide.
What is...
1. Cashback
2. Points for Rewards
3. Exclusive Experiences