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Spending Plans
Bank Accounts
Savings
Scams
Bonus
100

What is an example of a type of income? 

ODSP
Paycheque
Financial Gift 

100

An account where you can write cheques, pay bills, and do other personal money tasks is called? 

  • A chequing account 
100

What is one way to save money on groceries?

- Shop at discount grocery stores

- Use price-matching apps

- Use grocery store points cards

100

Name 3 types of scams 

• Inheritance Scam (aka Nigeria Letter or Foreign

Scam)

• Advanced Fee Loans

• Cheque Overpayment Fraud

• Mass Marketing Fraud

• Phishing

• CRA Scam

• Telemarketing Fraud

• Credit/Debt Card Fraud

100

What is an overdraft? 

When you don't have enough money in your account to cover a transaction, but the bank pays the transaction anyway. The bank will charge you a fee when you use an overdraft.


 

200

Is take-out a need or a want? 

Want

200

An account where you earn interest on the money you put into is called? 

A savings account 

200

What is a Rain cheque?

If a store has sold out of an item. You can ask for a rain cheque. When they get more of that item, they will sell it to you for the sale price.  

200

What are three ways you can prevent your identity from being stolen?


• Beware of providing personal information online

• Be careful before you click on links in emails

• Keep access codes, user IDs, passwords and PINS secret

• Protect your Social Insurance Number

• Pay attention to your bills and review your statements

• Shred unwanted documents or store them in a secure place

• Carry only the ID you need – keep your debit and credit cards safe

• Get a free annual credit report and review it.


200

What are three reasons to file your Income Tax? 


• You may get a refund (money back).

• You may be eligible for government benefits.

• You may be eligible for other

income-based programs.

• You might owe tax.

• It’s the law. 

300

Define fixed expenses and give one example. 

A fixed expense is any expense or cost that does not change over time, such as rent, phone, or internet bills.

300

Why should you check your bank statement monthly? 

1. To ensure you are sticking to your budget

2. To ensure you haven't been scammed. 


300

Why is an automatic transfer helpful when trying to save?

Many people find it easier to save if they do it regularly. An automatic transfer ensures you save money every month. 

300

What is a red flag that your phone has been compromised? (A hacker has accessed your phone). 

Data use increases

Your phone is slow or glitchy

Your phone is hot 

Your phone battery dies faster 

300

What is one way to avoid impulse purchases? 

  • Reflect before purchasing.
  • Stick to a shopping list.
  • Implement the 24-hour rule.
  • Unfollow accounts that fuel your temptation.
  • Prioritize clear financial goals for long-term gratification.
400

Define variable expenses and give one example 

Variable expenses are expenses that change over time. For example, groceries, entertainment, and toiletries.

400

What are some things you want to think about when choosing a bank?

  • Understand different types of bank accounts 
    • Chequing accounts, savings accounts, investments
  • Assess your banking needs
    • Do you prefer digital banking? Do you make frequent cash withdrawals, etc.? 
  • Evaluate fees and charges
    • Maintenance fees, overdraft charges and ATM fees 
  • Examine accessibility and convenience
    • Are bank locations and ATMs located near you? Does it have a user-friendly app? Are the bank tellers helpful?
400

Why is it important to have an emergency savings fund?

An emergency fund is money you set aside to pay for unexpected expenses. You may have to deal with an emergency or an unexpected situation at some point in your lifetime.

These surprises usually don’t give you time to adjust your budget.

Some examples include:

  • car repairs
  • urgent visit to the veterinarian
  • job loss
  • health problems that prevent you from working
400

What is the risk of doing a Facebook quiz? 

Social media quizzes can ask the same questions your financial organizations use for security purposes to verify your identity when you need to change your password or access your account without a password. Some examples include the name of your hometown or the name of your first pet.

400

What is one benefit and one drawback of an online bank?

  • Benefits of online banks
    • Low to no fees.
    • Higher interest rates.
  • Drawbacks of online banks
    • Less flexibility for special requests
    • No personal relationships: you won't have a familiar teller
    • Fewer services
    • Must be good at online banking
500
What is 50/30/20?

50/30/20 is a budgeting tool that helps you divide your income into needs, wants and savings. %50 of your income goes to needs, %30 goes to wants, and %20 goes to savings.

500

What bank account should you use for short term saving goals?

TFSA (Tax-Free Savings Account) 

500

What is compound interest? 

Compound interest is when you earn interest on the original amount of money and the interest you’ve already earned.

500

What is phishing and smishing? 

Both are used to steal your identity 

Smishing attacks use text messages and mobile devices.

Phishing attacks primarily occur through email or fraudulent websites.

500

What do DTC and RDSP stand for?

Do you need a DTC to open an RDSP? 

Disability tax credit
Registered Disability Savings Plan

You need a DTC to open an RDSP