Money
What is the value of the smallest paper bill in Canada?
$5
What type of account is best for day to day purchases?
A chequing account
What is savings?
When you don't spend all your money straight away, putting it away so you can spend it later.
True or False: You were born with a fixed set of skills and talents that will never change.
False
$3.60
What versatile machine lets you conduct banking transactions--like withdrawals--without needing to see a person?
An Automated Teller Machine (ATM)
What is interest?
The way a savings accounts earns money
True or False: People with growth mindsets more often achieve what they set their mind to
True
What is the money someone makes from doing a job called?
Income
What type of savings usually consists of liquid funds that accumulate small amounts of interest for use in 2-12 months?
An emergency fund
What percentage of your savings should you aim to put into savings?
10-20%
Which mindset is more likely to try something new when one approach fails?
A growth mindset
What is it called when you add money to a chequing account?
A deposit
What are two documents that are required for opening a bank account?
A social insurance number (SIN) and an ID
What are the three types of savings accounts we talked about?
Emergency funds, short term savings, and long term savings
What's a useful and short phrase to practice saying when developing a growth mindset?
"Not yet" or "... yet!"
Where can you learn more about banking, savings and money mindsets?
The Dollar Detectives
What might impact your choice of where to open a bank account?
Any of the following: fees, benefits (services), convenience, ratings and/or risk.
What kind of interest is added to the principal and then calculated on that new amount?
Compound interest
True or False: Anyone can develop a growth mindset?
True