Show:
Budgeting
Interest
Taxes
Banking
100

What is debt?

Money that you owe to an institution

100

What is interest measured in? 

Percent / decimal

100

What is tax? 

Money that is added to the purchase price that goes to the government

100

What is the difference between a checking and a savings account?

A checking account is for everyday transactions and quick access to funds, while a savings account is for accumulating money and earning interest, with less frequent access. 




200

What are the 3Ps of budgeting?

Prioritize, plan, and paycheck

200

What are the two types of interest rates? 

Variable and fixed

200
How much is tax in ON?

13%

200

What is the difference between investing and saving?

Investing: more risk, more reward, variable

Saving: long term goals, not as much risk, not as much growth


300

What is a fixed expense? 

A cost that remains consistent in frequency and price

eg: rent, loans, subscriptions

300
How do you calculate the total interest owed when you take out a loan? 

Principal x Rate x Time

300

How do you calculate the total price after tax? 

Subtotal x 1.13

300

What is the 50/30/20 rule? 

Savings goal template: 

50% to needs

30% wants

20% savings

400

Is gas a fixed or variable expense? 

Variable

400
How do you calculate a loan if the time period is MONTHS, not years? 

month/ 12

400

You bought something for $20.00 plus tax. How much is the total after tax? 

20x 1.13 = 22.60

400

What is the difference between a TFSA and an FHSA

TFSA: tax free savings account, used for any type of savings

FHSA: first home savings account, used only for your first down payment purchase