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Credit Cards
Investments
Mortgages
Tax Free Savings Accounts
Budgeting 101
100
A plastic card issued by a bank, business, etc., for the purchase of goods or services on credit.
What is a credit card?
100
The action or process of investing money for profit or material result or a thing that is worth buying because it may be profitable or useful in the future.
What is an investment?
100
A legal document by which the owner transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note.
What is a mortgage?
100
The Tax Free Savings Account (TFSA) is an account that provides tax benefits for saving in Canada.
What is a Tax-Free Savings Account?
100
To provide a sum of money for a particular purpose from a budget.
What is budgeting?
200
Account statements can be delivered promptly, avoiding additional frees and interest payments.
Why is it always a good idea to notify card issuers when you move?
200
Stocks, bonds and mutual funds
What are the most popular investment tools?
200
Paying your mortgage off fast will save you money in the long run.
Why is it a good idea to pay your mortgage off fast?
200
Tax-free savings accounts are for individuals, meaning only one person can be an account holder and only one person can contribute to the account
What is a con of a tax-free saving account?
200
If you don't have enough money to take care of your priorities, find a way to make more money.
What is a useful budgeting tip?
300
Always paying bills late and exceeding the credit limit.
What is a sign of over-spending on a credit card?
300
When you buy stock you are buying partial ownership of a company. Stocks are usually sold as shares, giving every shareholder a percentage of the annual profits.
What are you doing when you are buying stock and how are stocks sold?
300
"Dead Pledge" meaning that the pledge dies when the property is paid off.
What is the Law French term for Mortgage?
300
Anyone who thinks it would be of value
What type of people should get a tax-free savings account?
300
Not writing it down
What is a common budgeting mistake?
400
It makes it easier to buy things, you can build a good credit history, and the company can provide more protection if something you previously bought was lost, stolen, or damaged.
What are three benefits of having a credit card?
400
Investment is the amount bought per unit time of products which are not used at the time but are to be used for future production.
What is an investment in economic theory or macroeconomics?
400
The likelihood that the funds will be repaid
What is one of the main things mortgage lenders take into account when lending a mortgage to someone?
400
No immediate tax comes out of your account and there is no limit as to how many times you can access the money in the account for free.
What are the benefits of a tax free savings account?
400
A good budget can help keep your spending on track and uncover some hidden cash problems that might make even more money to put towards your other financial goals.
Name 2 different reasons why budgeting is so important.
500
Call your credit card company and compare offers by other companies
How can you lower the interest rate on your credit card?
500
Value stocks are inexpensive, growth stocks usually start out unknown, and small-cap stocks grow quickly.
What is the difference between small-cap stocks, value stocks and growth stocks?
500
A mortgage occurs when an owner pledges his or her interest as security or collateral for a loan.
What is a mortgage according to Anglo-American property law?
500
Jim Flaherty, the Canadian federal Minister of finance. Came into effect on January 1, 2009.
Who introduced tax free savings accounts and when did they come into effect?
500
Sales budget – an estimate of future sales, often broken down into both units and dollars. It is used to create company sales goals. Production budget – an estimate of the number of units that must be manufactured to meet the sales goals. The production budget also estimates the various costs involved with manufacturing those units, including labor and material. Created by product oriented companies. Cash flow/cash budget – a prediction of future cash receipts and expenditures for a particular time period. It usually covers a period in the short term future. The cash flow budget helps the business determine when income will be sufficient to cover expenses and when the company will need to seek outside financing. Marketing budget – an estimate of the funds needed for promotion, advertising, and public relations in order to market the product or service. Project budget – a prediction of the costs associated with a particular company project. These costs include labor, materials, and other related expenses. The project budget is often broken down into specific tasks, with task budgets assigned to each. Revenue budget – consists of revenue receipts of government and the expenditure met from these revenues. Tax revenues are made up of taxes and other duties that the government levies. Expenditure budget – includes spending data items.
Name 7 different types of budgeting and give their definitions.