Investing
What is the minimum age to open a Tax-Free Savings Account (TFSA) in Ontario?
18
What kind of account is most often used to save money safely in Ontario?
Savings Account
What is the term for the amount you receive after all taxes and deductions have been taken out?
Net Pay
If you earn $500/month and want to save $100, how much is left for spending?
$400
Using a credit card to buy things now and paying later is called what?
Credit
This type of investment means you own a small piece of a company. What is it?
Stocks
What is the recommended percentage of your income to save for emergencies?
10-30%
What is the federal tax deducted from your paycheck called?
Canada Pension Plan (CPP)
This is a monthly plan that helps you track your income and expenses. What is it?
What’s the term for the amount of money you can borrow on a credit card before paying it back?
Credit limit
In Ontario, what type of account is specifically designed for saving for college or university?
RESP
This term refers to setting aside money every month for a specific goal, like a new phone or a car. What is it?
Saving
If your pay is $15/hour and you work 20 hours, what’s your gross pay for the week?
$300
If your rent is $300 and your groceries are $100, what is your total monthly expense?
$400
What is the fee called that you pay if you don’t pay your credit card bill on time?
Interest
What’s the name of the Ontario program that automatically matches a percentage of your RESP contributions?
CESG
In Ontario, at what age can you open your own savings account without a parent or guardian?
18 (some banks allow earlier with conditions)
What is the tax called that funds things like roads, schools, and hospitals in Ontario?
Income Tax
What percentage of income should ideally go towards necessities, like housing and food, according to the 50/30/20 rule?
50%
Which card takes money directly from your bank account when you make a purchase?
Debit Card
If you invest in a company and it pays you regularly for holding their stock, what is this payment called?
Dividend
What type of account helps you save money while earning interest but limits the number of withdrawals?
High-Interest Savings Account
What is the federal tax deducted from your paycheck called?
Canadian Pension Plan (CPP)
If you save $25 a week, how much will you have saved after four weeks?
$100
True or False: Paying only the minimum balance on your credit card helps you avoid interest charges.
False