Credit
is the privilege of using someone else’s money for a period of time.
Credit
In investing beware....The greater the risk, the greater the potential ________.
Loss
To put money aside for future use
Save or Saving
__B________ is a plan for wise spending based on income and expenses.
Budget
Bank Account used for spending money, connected to a debit card?
Chequing Account
Student loans, home mortgages and business loans
Good debt or bad debt
Good Debt
Name 1 of the 3 most common stock exchange markets
NYSE, NASDAQ, TSX
Savings plans offer ___L____________ (you can withdraw the money quickly at any time).
Liquidity
_I________ is money that an individual or business receives from:
● Salary / Wage (from your job)
● Investments (stocks, bonds, etc)
● Government Transfers (CPP, assistance programs)
● Interest (savings account, GIC)
Income
Type of Bank Account
● You can’t write a cheque on this account
● Interest rate is better than chequing account
Savings Account
is a special type of loan that people use to buy a house
Mortgage
Name 3 of the 6 common investments
● GICs ● Bonds ● Stocks ● Mutual Funds ● Real Estate ● Collectibles
Banks pay you ________________ for borrowing your money to loan to other people.
Interest
What does TFSA stand for...
Tax Free Savings Account
The electronic transfer of a payment directly from the account of the payer to the recipient's account.
Often from employer to employee
Direct Deposit
APR stands for..
Annual % Rate
What does GIC stand for....
Guaranteed Investment Certificate
A $1,000 deposit earning interest at 5% per year earns $_______.
$50
What does RESP stand for.....
Registered Education Savings Plan
In banking, what does NSF stand for...
It is a notice that you don't have the $ to support the purchase of goods or services.
Non-Sufficient Funds
Doing these 5 things will improve your.....
●Establish a steady work record
●Pay all bills on time
●Open a chequing account, but don’t bounce cheques
●Open a savings account and make regular deposits
●Apply for a credit card and make regular payments
Credit Score
Good investors __________ their portfolio to manage their risk.
Diversify
Set up an ____________ Savings Plan to put money into savings automatically off your pay cheque.
Be careful: if you withdraw money from your RRSP before retirement, you’ll pay a_________
Penalty
The top 5 banks in Canada are known as the "Big Five" because they are most popular in the country. Name as many as you can. You can use abbreviations.
TD, CIBC, RBC, BMO, Scotiabank