Budgeting, Taxes, Banking
What is the fine if you don't file your taxes before April 30th
A) 80% of the balance owing
B) 20% of the balance owing
C) 50% of the balance owing
D) 5% of the balance owing
D) A Penalty of 5% of the balance owing will be charged with additional penalties tacked on every month.
What is credit?
Credit is the ability to borrow money or access goods or services with the understanding that you'll pay later.
What is a resume?
A) A document created and used by a person to present their background, skills, and accomplishments
B) A document created for banking details ranging from debt to Net worth
C) The negotiation process of a job
D) A certain time system jobs introduce to you on your first shift
A) A resume is a document created and used by a person to present their background, skills, and accomplishments. Resumes can be used for a variety of reasons, but most often they are used to secure new employment
Why should you know your personality before taking a job?
A) A fun activity you can do to help boost your chances for a job
B) Helps you be happier so that you make a better impression before taking a job
C) Allows you to take control of the interview since you know more about yourself than your employer does
D) Identifies your existing technical skills, how you interact or behave around others, and how to mesh this well with potential job options.
D) Personality determines your strengths and weaknesses and can identify your existing technical skills and how you behave around others.
What is NOT a reason to save?
A) Emergency Funds
B) Increase the amount you can Gamble with
C) Money to Reach Your Goals
D) Money to Take Advantage of Opportunities
B) Saving money is one of the essential aspects of building wealth and having a secure financial future. Saving money gives you a way out of the uncertainties of life and provides you with an opportunity to enjoy a quality life. By using savings to gamble you neglect everything said above... did you know though that 90% of gamblers quit before wi-
What is the use of a budget planner sheet?
A) Helps you invest your money
B) Helps you decide how to best spend your money while avoiding or reducing debt
C) Used to buy a car
D) Used to buy a house
B) A budget planner is a tool, such as a worksheet or a template, that you can use to design your budget. A successful budget planner helps you decide how to best spend your money while avoiding or reducing debt
What is the correct terminology for the description of this contract: You pay interest on the opening balance, regardless of payments made during the month.
A) Past-due balance
B) Average daily balance
C) Adjusted balance
D) Cash advances
C) Adjusted balance is when you pay interest on the opening balance, regardless of payments made during the month.
What is not a skill employers want?
A) General Cognitive Ability
B) Emergent Leadership
C) Exceptional procrastinator
D) Expertise
C) Employers do not want someone who procrastinates and would rather have someone who pushes themselves to either meet or finish before deadlines instead of waiting till the last minute
Why is it important to set goals?
A) Crucial for people to be able to accomplish all they wish to achieve in their lifetime.
B) Used to show people why they won't be able to achieve this goal
C) So you can compete against other people's goals to try to one-up them
D) So you can hope for something to happen
A) Setting goals to help you include greater direction, greater focus, increased productivity, and higher levels of motivation and helps people accomplish all they wish to achieve.
How can you benefit from compound interest?
A) Save money later in life so you can use it then
B) Save money early then take the amount of money you get from it and compounding each time
C) Save money the moment you get a job and take it out once you quit
D) Save money early and leave it alone
D) To benefit from compound interest, you need to save money early and leave it alone allowing the compounding interest to do its magic by making each new payment of interest greater than the last.
What would be the best bank plan for you if you: Deposit or withdraw money frequently for daily, weekly, or monthly transactions.
A chequing account
How long will credit info remain on your file for?
A) 3.5 Years
B) 7 Years
C) 10 Years
D) 20 Years
B) Credit info remains on your file for seven years
As many as how many percentages of employers found critical thinking and problem solving lacking in entry-level job seekers.
A) 30%
B) 80%
C) 90%
D) 60%
D) As many as 60% of employers found critical thinking and problem-solving lacking in entry-level job seekers.
What does SMART goal stand for?
A) Savings, machine, ability, resulting in, tactics
B) Situational, Machinations, archived, result, tests
C) Specific, measurable, achievable, realistic, time-bound
D) Sociable, measurably, accepted, resulting, tenacity
C) SMART goal stands for Specific, measurable, achievable, realistic, and time-bound
Why is it important to know the pros and cons of doing something?
A) Helps you compare the positive and negative aspects associated with each of your options
B) Helps you procrastinate a decision
C) Improves your non-verbal communication
D) Improves your sleep schedule
A) A pros and cons list is a simple tool to help you compare the positive and negative aspects associated with each of your options. Whether you're currently employed or seeking new employment, understanding how to create a meaningful pros and cons list can be instrumental in making informed career decisions and can way big decisions ranging from buying or renting a house to which job you may want in the future.
Why do banks put holds on cheques?
A) To ensure the funds are available in the payer's account before giving you access to the cash.
B) To double check all the information is correct
C) To ensure the person who received the cheque did not steal the cheque.
D) To make sure the cheque is not forged
A) Banks place these holds on checks in order to ensure the funds are available in the payer's account before giving you access to the cash. Doing this, helps you avoid incurring any charges, especially if you use the funds immediately.
What are the three C's of credit?
A) Calculation, Character, Consistency
B) Certainty, Curiosity, and Consistency
C) Career, Cash, Capacity
D) Character, Capacity, Collateral
D) The three C's are Character, Capacity. Collateral
Character
Will you repay the debt?
From your credit report, the lender assesses whether it looks like you possess the honesty and reliability to pay credit debts.
Capacity
Can you repay the debt?
The lender will want to know if you have been working regularly in an occupation that is likely to provide you enough income to support your credit use. They will look at your salary and how long you have been at your job as well as whether you have any other loan payments or debts.
Collateral
What do you have to give as security to guarantee the loan?
The lender will want to know if you have any assets that could be used to repay the credit debt if your income becomes unavailable.
What is the point of a cover letter?
A) To highlight the skills and/or accomplishments that are targeted to the job that makes you the most appropriate candidate to fill the job
B) Repeat the information in the resume to make sure the employer comprehends your knowledge.
C) The first of the many papers you have to sign before working at your job
D) Gives you a chance to cover some of the questions you might have of a job
A) A cover letter provides an opportunity to explain why you are qualified for the job. This document adds a bit of colour and personality and is intended to persuade employers that you're a good fit for the position at hand
What IS an external factor that influences you?
A) Values and Goals
B) Media
C) Knowledge and Attitudes
D) Needs and Wants
B) Often, we are not even aware of the impact of the media. Just seeing advertisements, for instance, unknowingly results in making decisions. Admiring a celebrity may influence how we dress or the attitudes we develop.
What would be the best loan deal out of these 4 to choose from?
A) $564, 6.99% interest, 60 months
B) $591, 7.99% interest, 60 months
C) $577, 8.99% interest, 60 months
D) $600, 12% interest, 120 months
A) This would be the best option as it has the lowest price, lowest interest rate and lowest time to repay
Which item below has HST (Harmonized sales tax) on it
A) Basic groceries (milk, bread, veggies, etc)
B) Used car from dealership
C) Prescription drugs
D) Bus and ferry services
B) If you purchased the used vehicle from a car dealer, you will be required to pay the provincial-federal Harmonized Sales Tax (HST). If your vehicle was purchased privately, you will not pay the Harmonized Sales Tax (HST), but the Ontario government will still charge you a provincial retail sales tax (RST) of 13%.
What is a credit card statement grace period?
A) The period between when the stock market opens and closes
B) The period that allows you to make minimum payments on your credit card
C) The period between the end of a billing cycle and the date your payment is due
D) The period between when you first get your credit card to your first payment
C) A monthly statement is sent to you through the mail or by email. It will say the total of your purchases and you get approximately 3 weeks to make your payment (grace period).
Which is NOT a description of a Job
A) Minimal education and training required
B) Income varies depending on value to society, salaries are most common.
C) Something to earn money
D) Many part-time or temporary positions
B) Job income is based on wages while career income varies depending on value to society (also known as salary)
Why is nonverbal communication important?
A) It gives us valuable information about a situation
B) Since you can use speech or spoken word to exchange information, emotions, and thoughts without needing to feel threatened.
C) To enhance the effects of an assertive form of communication
D) To lower the attention span of someone
A) Nonverbal communication is important because it gives us valuable information about a situation, including how a person might be feeling, how someone receives information and how to approach a person or group of people.
What is not an example of "Tax Shelters"?
A) Tax-Free Savings Accounts (TFSAs)
B) Registered Retirement Savings Plans (RRSPs)
C) Registered pension plans (RPP)
D) Tax-Free Savings Accounts (TFSAs)
C) Registered pension plans (RPP) is not considered a tax shelter as it does not store their savings and investments in “containers” which reduce their taxes.