Saving
How old do you have to be to open a savings account?
18 years old
What is the bank account that you can use to invest without paying interest on your gains?
TFSA
Which of these are a fixed expense?
A: cellphone bill
B: electricity bill
C: rent
D: gasoline
C: rent
The two most common types of cards are ____ and ____.
Debit and credit
The two most common types of cards are ____ and ____.
credit and debit
The name of the original amount of money deposited in an account?
Principle
What “unit” do you buy in order to be an owner of a stock?
A: Stockholder’s unit
B: Stock
C: Shares of stock
D: Owned shares
C: Shares of stock
What is the name of an individual’s income before taxes are paid?
A: gross income
B: Net income
C: premium income
D: contract income
A: gross income
Name one of the two types of expenses.
fixed or variable
What are 3 things you should do when you turn 18?
Open a bank account, open a savings account, file a tax return
What causes a check to bounce?
A: Someone added too much money to their checking account
B: Account holder wrote a check for more money than what they have in their account
C: There is a higher interest rate
D: There is low interest rate
B: Account holder wrote a check for more money than what they have in their account
2 types of interest used by banks in calculating investment profits
A: Additive and multiplicative interests
B: Simple and compound interests
C: Simple and concrete interests
D: Sample and compound interests
B: simple and compound interests
What is the most common type of budgeting rule promoted?
A: 50-50 rule
B: 20-20-60 rule
C: 70-20-10 rule
D: 50-30-20 rule
D: 50-30-20 rule
What is it called when someone buys something without planning to in advance?
impulse purchase
What does TFSA stand for?
Tax Free Savings Account
What two things are required for a savings account?
1. Social security #
2. ID with picture
Type of order that is only executed if a specific price can be obtained.
Limit order
Your budgeting plan should have saved you at least this percentage of your money:
A: 10%
B: 15%
C: 12%
D: 20%
A: 10%
What are the three types of credit?
Revolving credit, installment credit, open credit
What are the three types of credit?
Revolving credit, installment credit, open credit
How much money should you have saved in an emergency fund (in terms of time)?
6 months worth
“Don't put all your eggs in one basket" is an example of?
Diversification
These are costs that can easily be eliminated but are not and destroy the budget plan.
A: Cash robbers
B: Cash culprits
C: Cash takers
D: Shopping spree-fever
B: cash culprits
Every spending plan should be ____.
Realistic
How much does your payment history affect your credit score?
35%