Forms of Payment
What are 3 ways you can pay for something?
-Cash (bills or coins)
-Credit Card
-Debit Card
-Cheque
-E-Transfer
What is another word you could use for money?
-Cash, moolah, paper, bills, coin, green
What is debt?
Debt is when you owe money
What is a budget?
A budget is an amount of money a person chooses to spend or not go over.
What is a credit card?
Plastic card given by the bank that give you access to 'extra' or loaned money. You need to pay this money back!
What form of payment is a card that takes money right from your bank account?
Debit card
How many coins do we have in Canadian money?
5 (nickle, dime, quarter, loonie, toonie)
How can a person get into debt?
By spending more money than they have (credit cards), large purchases (houses, cars, school loans, house renovations) or not paying your bills on time.
What is something positive about creating a budget?
Helps save money and pay off debt
What is a bill?
A bill is an amount of money you need to pay back for a service
What form of payment uses a card and borrowed money?
Credit card
How many bills do we have in Canadian money?
5 ($5, $10, $20, $50, $100)
What is good debt?
Buying a house or student loans - you are bettering yourself!
Able to compare prices
What are 3 example of bills a person may have to pay as an adult?
Water, gas, electric, housing (rent/mortgage), phone, car (loans, plates or insurance)
What form of payment should be used for small amounts?
Cash or debit
Which coin is the smallest in size?
The dime
What is a loan?
A loan is an amount of money that you borrow. You need to pay this back, usually with interest
What is a want vs need when planning a budget?
Want - you have to pay this, it is a priority
Need - something you would like but could live without
What does incoming mean?
Incoming means money that is coming into your account (money you made)
What form of payment do you need to pay back?
Credit Card
What is one difference between Canadian money and American money?
Canadian money is different colours, American is all green.
Canadian money has $1 and $2 coins while American money uses $1 bills
Why should someone have a savings?
Give an example of how your budget could change?
Unexpected costs can pop up that you have to pay for, causing you to reevaluate where you will spend money that month or in the coming months.
What does outgoing mean?
Outgoing means money that is leaving or going out of your account (money you spent)