Financial Literacy Jeopardy!!!

Vocabulary

100

Adding or putting money into an account.

Deposit

200

Taking money out of an account.

Withdrawal

300

A plan for how to save and spend money.

Budget

400

Extra money that you either earn or owe.

Interest

500

The banks money that you borrow.

Loan/Credit

True or False

100

You should try spend more money than you earn.

FALSE!

200

Interest is always a good thing.

FALSE

300

Fixed expenses (things that you always have to pay for on a regular basis) include things like rent.

TRUE

400

Budgeting is not important.

FALSE

500

Variable Expenses change from month to month

TRUE

Personal Banking

100

Name 3 services banks offer.

Chequing accout, savings account, mortgage, TFSA, loan, line of credit, online banking, RRSP, RESP, etc.

200

What is an RRSP?

Registered Retirement Savings Plan

300

What is a chequing account?

Money kept for every day expenses.

400

What is a TFSA?

Tax Free Savings Account.

500

Why is it important to be careful when using credit cards? Explain your answer.

The money is not your own and you have to pay it back. It is important to make sure you don't overspend.

Reading a Budget

100

Julia makes $100.00 babysitting and $50.00 for household chores each month. She has to pay $25.50 for her family's music streaming service. What is her total monthly income?

$124.50

200

David's expenses for each month are $40.00 for his phone, $20.00 for eating at restaurants, and $30.00 for savings. What are his total monthly expenses?

$90.00

300

Sharon's montly income is $200.00. How much does she make in 4 months after paying $50.00 in rent each month?

$600.00

400

Kristopher's income each month is $1999.00. His expenses are $550.00 each month. What are his savings for each month?

$1449.00

500

Briana saves $20.00 each month to buy a computer. The computer costs $500.00. How many months will it take for her to save enough money?

25

Interest

100

What is the formula to find budget?

I=PRT

200

What do the following letters stand for in the formula for interest? I=PRT

I: Interest P: Principal R: Rate T: Time

300

Find the interest: P: $5,000. R: 5% T: 4 Years

$1,000.00

400

P: $2,400 R: 6% T: 20 Years

$2,880.00

500

Paula deposited $10,000 into a savings account. The interest rate was 5.5%. How much interest will she have in 15 years?

$8250.00