Show:
Financial Institutions
Types of Bank Accounts
Debit Cards
Online Banking
Budgets
100
List 3 types of financial institutions
Banks
Credit Unions
Loan companies
Investment companies
Trust companies
100
List 3 uses of a checking account
Day-to-day banking:
Debit card purchases,
Cheque writing,
Pre-authorized payments,
Bill payments,
ATM use
100
List 3 uses of a debit card.
Accessing online banking
Accessing a bank account by phone
Paying for services
Using an ATM (withdraw/ deposit/ transfer)
Paying bills
100
Give 2 advantages of online banking
Advantages: No waiting in line,
24/7 access
Can access anywhere in the world.
100
List 3 examples of fixed expenses
Rent,
Phone bill,
Utilities,
Car Payment,
Insurance
200
List 3 services offered by banks
Chequing and savings accounts
ATMs
Currency exchange
Bill payments
Investments
Loans/ mortgages
200
List 1 advantage and 1 disadvantage of keeping money in a savings account as opposed to a checking account.
Advantage: Earn more interest
Disadvantage: Transaction fees are higher
200
List 2 advantages and 2 disadvantages of using a debit card.
Advantages:
Can be used 24/7,
Widely accepted,
No loose change,
Safer than cash,
Cannot spend more than you have,
No interest charges

Disadvantages:
No rewards / points,
May have fees,
Not accepted everywhere
200
List 3 things you can do using online banking
Transfer money between accounts
Pay bills
Check your balance
200
List 3 examples of variable expenses
Groceries,
Clothing,
Gifts,
Entertainment,
Meals out
300
List 1 similarity and 1 difference between banks and credit unions
Similarity: Both offer similar services
Difference: Credit unions are cooperative, and often have lower fees
300
Sammy uses an ATM that does not belong to his bank 5 times a month. The average charge is $1.50 per transaction. How much does he spend in a year on ATM use?
5 x 1.50= $7.50 per month
$7.50 x 12 = $90
300
Many retailers charge a fee for using a debit card for purchases less than $5.00. Sally uses her debit card at a corner store throughout the day. She spends $3.50 before work, $2.75 at her coffee break, and $4.25 on her way home. How much does she pay in debit card fees in one day if the fee for each transaction is $0.40? How much does she spend in total at the corner store that day?
$0.40 x 3 = $1.12
$3.50 + $2.75 + $4.25 + 1.12 = $11.62
300
Give 1 example of an unsafe online banking password, give 1 example of a secure online banking password.
Unsafe: 1234, Caramel (pet name), password
Secure: 9@rd3Nz
300
What is a deficit? What is a surplus?
Deficit: when you spend more money than you make
Surplus: when you make more money than you spend
400
What is the main purpose of a trust company?
Manage and invest assets for an individual, a company, an estate or a Trust.
400
Compare accounts A and B

Account A:
monthly fee $5
10 free transactions
additional transaction fee $0.50

Account B:
monthly fee $8
20 free transactions
additional transaction fee $0.50

If Sammy makes an average of 14 transactions per month, which account should he choose?
4 additional transsactions -> 4 x 0.50 = $2.00
Account A costs $5 + $2 = $7
Account B costs $8
Sammy should choose account A
400
Compare the merits of using a debit card to those of using a credit card. Give one benefit of each.
Debit card: Cannot spend more than you have
Credit card: Grace period/ earn points
400
List 2 disadvantages of online banking.
Disadvantages: No in-person customer service,
Cannot deposit/ withdraw cash,
Identity theft/ Insecure sites
400
Toby's Income is $2400 per month. His fixed expenses are $1800 and his Variable expenses average $750. Does Toby have a surplus or a deficit? How much is it? What advice would you give him?
Deficit of $150. Advise him to either spend less money, or earn more by picking up a second job.
500
Give 2 reasons why someone might use a loan company instead of a bank
Interest rate might be better
Bank may not have approved them for a loan
500
What is 1 way you can keep records for a bank account?
Keep track of your transactions by hand,
Use online banking to track transactions.
500
List 2 reasons why one might prefer to use a debit card instead of writing a cheque.
Faster,
Don't have to purchase cheque book,
Don't have to carry around cheque book
500
What are 2 pieces of advice you might give someone to help them create a PIN.
Should make it something that they can remember,
But hard for others to guess.
500
Kendra's Income is $3000 per month. Her expenses are $2800 per month. Suppose Kendra gets a promotion and earns and extra $200 per month. She decides to move to a nicer apartment that costs $250 more per month. What would Kendra's surplus or deficit be?
Income is $3000 + $200 = $3200
Expenses are $2800 + $250 = 3050
Kendra has a surplus of $150.