Budgeting Basics
The act of planning your saving/spending is referred to as what?
Budgeting
A bank account used for saving money is a what?
A savings account.
Spending money with the expectation of making money back refers to what?
Investing.
This number determines your ability to borrow money or get a loan.
A credit score.
A type goal that is 'Specific, Measurable, Achievable, Relevant, and Timebound,' is known as what?
A SMART Goal
When money going out, and money coming in, are equal this is referred to as __________ budgeting. Fill in the blank.
Balanced
What is a TFSA?
A Tax-Free Savings Account.
What is the easiest way to invest?
A tax-free savings account.
The term for the maximum amount you can borrow on a credit card is what?
A credit limit.
Saving money to travel is often referred to as __________ ___________. Fill in the blanks (2 words).
Vacation planning/saving.
Monitoring your spending can increase savings, and leads to this type of freedom?
Financial freedom.
What is an RRSP?
A Registered Retirement Savings Plan.
An income that comes only a few times a year is called what?
Incremental income.
A loan specifically designed for students to pay for education expenses is called what?
A student loan.
A terminology used for a person who has a 7-digit income is what?
A millionaire.
If Harry is spending 100$ which he pays a 15% tax on, how much money does Harry actually have to spend?
115$
What is an RESP?
A Registered Education Savings Plan
When an investment grows, and continues to grow faster over time, this is called what?
Compound interest.
The process of merging multiple debts into one payment is called what?
Debt Consolidation.
The type of investment involved in purchasing a home. Monthly payments are made toward this?
A mortgage.
Gross income is before government taxation, ___ income is what you take home after taxation. Fill in the blank.
Net income.
If Sally saves 100$ in a tax-free savings account for a year at a rate of 6% yearly interest, how much money will Sally have in the account by the end of the year?
106$
The terminology used for a math equation, 'Rule of __' is used in investing for referring to how long it will take for an investment to double over time. Fill in the blank
'Rule of 72'.
Paying only this amount on your credit card balance can lead to growing debt over time.
Interest/Minimum payments.
A term used for a person under 50 years old who has enough financial stability that they no longer need to work is what?
Early retirement.