Basic Banking
What is a savings account.
The initial cost of a loan shows up in this position of the finance app.
What is the present value.
The initial amount of the loan or investment is called this.
What is the principle.
What is a RRSP.
Contribute to this and receive a tax credit.
What is an RRSP.
Using your debit card to buy a coffee should come out of this account.
What is a chequing account.
This shows up in your Finance App as a negative value.
What is a payment.
Assets - Liabilities is referred to as this.
What is net worth.
To get on track to retire, what should you start doing when you’re in your 20’s?
What is save.
This is the maximum you are allowed to deposit into your TFSA or RRSP.
What is contribution limit.
This account allows for a higher number of transations per month.
What is a chequing account.
You are making monthly payments of $177.0746, have an interest rate of 3%, and are making payments over the next 4 years, how much money did you borrow? (rounded to the nearest dollar)
What is $8000.00
The total cost of a loan is the sum of these two things.
What is Principle + interest.
Your pension plan is one of these two types
What is defined benefit and defined contribution.
What two pieces of information do you need to open a TFSA?
What is a SIN and Date of Birth.
Depending on the tier and your account balance your savings account could qualify for this.
What is interest.
If you are borrowing $12 000, are making monthly payments of $681.54, and are paying over 18 months, what is your interest rate? (rounded to the nearest tenth)
2.8%
The time you have to settle your debts without being charged interest is called this.
What is a grace period.
You get this type of plan when the company you work for promises a specified pension plan.
What is defined benefit.
This account uses information from your previous years tax return.
What is an RRSP.
This refers to an automatic electronic deposit of net pay to an employee's designated bank account.
What is direct deposit.
If you are borrowing $18 400, have an interest rate of 6%, and will be making payments over the next 10 years, what is your total cost?
What is $226,917.60
Credit worthiness considers these three C's.
What is Capacity, Character and Capital.
These are two What are points you need to consider when using retirement calculators.
Your current age and anticipated retirement age.
Life Expectancy
Inflation rate
Current retirement savings you have
Pension/CPP Disbursements
Rate of return of investment/ Annual interest rate.
With unused contributions you may do this.
What is carry forward.