Banking Basics
A place where you can store money safely?
A Bank
This type of account typically offers a higher interest rate but has limited withdrawals
Savings Account
What is the card you use to withdraw money from your account? (At the Bank or at the ATM)
Debit Card
What is the term for physical money?
Cash
Currency (Bonus Point +1)
What should you never share to keep your bank account safe?
PIN / Password
Name the piece of paper you receive when you deposit money into your account
Receipt
Deposit Slip (Bonus Point +1)
What type of account is used for day-to-day banking? (Example: Paying bills, buying things)
Chequing Account
What is the card you use to borrow money from the bank?
Credit Card
What is money you spend on things you need or want?
Expense
What is considered personal information? (4 total)
- Date of Birth
- Full Name
- Personal Address
- Social Insurance Number (SIN)
What do you call money you owe to the bank when you borrow money
Loan
Mortgage, Line of Credit, Overdraft (Bonus Points +1 each)
What type of account is meant for short to long term savings goals?
Tax-Free Savings Account (TFSA)
What service let's you send money electronically?
E-Transfer
or
Online Banking / Interac
What is money you set aside for the future?
Savings
Who are people that try to steal from you online?
Scammers
The term for the money you earn or receive regularly from working?
Income
What type account is meant for retirement savings?
Registered Retirement Savings Account (RRSP)
What piece of paper is equivalent to cash in the banking industry?
Bank Draft
Cheques are similar however they money hasn't gone out of the issuers account until its deposited. (Not guaranteed)
What is the activity of tracking your spending? (Money coming in and out)
Budgeting
What should your password always include? (3 total)
- Capital letter(s)
- Number(s)
- Symbol(s)
When you deposit money into a savings account, the bank pays you this
Interest
What type of account is meant for saving and buying your first home? (Double Points)
First Home Savings Account (FHSA)
What service allows you to send money internationally?
Wire Transfer / Wire Payment
What currency is most common for when countries buy and sell things?
Bonus Question: Name 5 others currencies
U.S. Cash (USD)
Bonus Points +1 each:
- Japanese Yen (JPY)
- British Pounds (GBP)
- Euro (EUR)
- Australian dollar (AUD)
- Canadian dollar (CAD)
How can you tell if the website you are on is safe, real, and legitimate?
Small lock symbol in the search bar