Budget Skills
What is a budget?
It is a method to maintain spending vs. income to maintain a healthy median account balance.
What year did the penny get discontinued in Canada?
2012
What is the tax rate on the first tax bracket in Ontario?
15%
What is a Student Loan?
Money given by a bank provider that must be paid back once school is finished.
What is an Expense?
Spending money/money out.
What is a cashflow statement?
shows how much cash is generated and used during a given time period.
Which year did money get introduced to Canada?
(hint-within 1850 to 1860)
1858
Name a place where you can get your taxes done by a professional.
H&R block -Turbo Tax -TaxAct
What is a Student Grant?
Money provided to the student in which does not need to be paid back.
What is Income?
What are Assets and Liabilities?
Assets are what a business owns
Liabilities are what a business owes.
What is a Stock?
A stock is a security that represents the ownership of a fraction of a corporation
Which province has the highest property tax?
Nova Scotia at 21%
What is the grant/loan program provided for Ontario students?
OSAP
What is a Latte Factor?
A small purchase that adds up over time.
I.e: a latte that costs $1 each day will cost you $365 at the end of the year.
Name one of the 4 types of budgeting.
1. Incremental budget
2. Activity based budget
3. Value proposition budget
4. Zero based budget
Who is featured on the $10 bill?
Sir John A. Macdonald
What does GST stand for?
Goods and Service tax
What is a Scholarship?
What is the best way to generate income?
Get a haircut and go to work.
Define forecasting.
Forecasting estimates the amount of revenue or income that will be achieved in a future period.
True or False: They still print a $1000 bill in Canada.
False
If you earn $900 pay check with a 13% tax reduction, how much money are you left with.
$783
What does OSAP stand for?
Ontario Student Assistance Program
What is a fixed cost?
Consistent costs such as rent