What are items that are essential for healthy living
100
4%
What is the minimum amount an employer is required to pay you for vacation
100
Agents' fees
What is an expense Rio could expect to have as a celebrity
100
RRSPs (Register Retirement Savings Plan)
What is a plan that allows contributors to defer paying tax on some income until they retire
100
A surplus
What is it when income will exceed expenses
200
Bicycle or transit pass, entertainment, education etc
What are items that are not essential BUT inmportant.
200
Deductions
What are automatic payments your employer makes on your behalf to the government
200
Bankruptcy
What happens when expenses can exceed available money
200
RESP - Register Retirement Savings Plans
What is the plan that allows parents and relatives to save for a child's post-secondary education
200
A deficit
What is it when expenses will exceed income
300
Popcorn at the movies, new music, video games etc
What are items that are NOT essential and NOT important
300
Income Tax
What is a percentage of gross income sent to the Governments of Canada and the province or territory to pay for federal, provincial and territorial government services like: military, OHIP, hospitals etc.
300
Fixed Expenses
What are expenses that don't generally change from month to month like rent, most utilities, car payments etc.
300
TFSA - Tax Free Savings Accounts
What is the plan that allows taxpayers to contribute up to $5000 a year and earn income from investments without paying taxes on the income
300
A budget helps people keep their expenses lower than their income and live within their means.
What is the value of doing a budget
400
Need
What is a necessity, somthing required, somehting essential for life
400
Employment Insurance (EI)
What is a percentage of gross income paid by employees and employers to provide temporary payments if workers become unemployed.
400
Variable Expenses
What are expenses that can easily change, like the amount spent on food, entertainment or clothing.
400
T4
What is an information slip that is prepared and issued by an employer to tell you and the Canada Revenue Agency (CRA) how much employment income you were paid during a tax year.
400
Income and expenses
What are the two major categories for personal budgets
500
Want
What is a desire, somthing wished for, something non-essential.
500
CPP - Canada Pension Plan
What is a percentage of gross income paid by employees and employers to privide income when workers retire or become disabled.
500
Multiply monthly income by 12
What is the calculation for annual income
500
T1 - Income Tax Return
What is a form that is completed by taxpayers once a year
500
False
Does a budget give people extra money to buy more things?