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Income Management
Investing
Credit
Banking
Random
100
True or false- Budgeting is an organized way of managing your money
True
100
Name the level of risk for the three investing options (bonds,stocks,GICs)
Bonds-Medium risk, Medium return Stocks- High risk, High return GICS- Low risk, Lower return
100
Name one advantage and one disadvantage of a credit card
Advantages: good payment tool, good for emergencies, builds credit history so you can get loans and mortgages in the future Disadvantages: blowing your budget, forgetting that you have to pay money back, credit card fraud, potential high interest rates
100
True or false- Schedule 1 banks are domestic
True
100
What is a want?
A want is something you desire but don't need
200
Give an example of a short term goal.
Buying a new phone, saving up for clothes etc
200
You are better off when a) you keep your money safe at home b) you put it in the bank
The correct answer is b because it's safer to be kept there and you avoid inflation.
200
True or false- If you don't have a good credit rating it's not that big of a deal
FALSE!! It's a really big deal if you have a bad credit rating because people or places won't trust you with money
200
Name a difference between a Credit Union and a bank.
A difference between a Credit Union and a bank is that a credit union is owned by its members and a bank is not.
200
True or false- you should spend a good amount if money on your wants
False-You should try to spend minimal money on your wants
300
Teenagers should save ___ per cent of their income a)40 b)45 c)50 d) none of the above
c)50
300
How many investment options are there for people and what are they?
There's three options, Bonds, GICs and Stocks
300
The slower you pay off stuff- a)interest gets higher b)remains the same c)gets lower to give you a chance to pay it off
The correct answer is A
300
Bank of America is an example of a: a) Schedule 1 bank b) Schedule 2 bank
The correct answer is B
300
Is food an example of a fixed expense or a variable expense?
Variable
400
Describe a fixed expense and a variable expense and give an example for each.
Fixed- the amount spent on it stays the same, for example rent Variable-the amount spent on it changes depending on the time/month. An example would be food gifts or clothing
400
Generally, what percentage is inflation?
Between 1 and 3 per cent
400
What is a credit rating
A credit rating is an estimate of the ability of a person to fulfill their financial commitment
400
What is a Credit Union?
Credit Unions are fully provincially regulated and owned by their members.
400
What is commercial banking?
Commercial Banking is a type of bank that provides services such as accepting deposits, making business loans and offering basic investment products. It's a division of a bank that mostly deals with deposits and loans from corporations or large businesses.
500
Why do people budget?
To achieve long or short term goals.
500
What is compound interest?
Compound interest is the interest add to the deposit or loan so that the added interest also earns interest from then on.
500
How do you get a good credit rating?
-pay everything off quickly -if you can pay it off, do it don't just pay the minimum -be responsible with your credit card so people will trust you with money in the future
500
What is personal banking?
Personal or Private banking is banking, investments and other financial services provided by banks to private individuals.
500
If my friend Jack is a risk taker, what investment option would you suggest to him?
A good answer- I would suggest to buy a stock because they are high risk but can make you a lot of money if it works out