Banking
What is the name for a place where people can keep their money and earn interest?
What is the difference between needs and wants?
Needs are essential expenses, while wants are non-essential expenses.
The money that a person or business receives in exchange for providing goods or services, or through investments.
Income
How often do most mortgage payments need to be made?
Monthly
What is a type of investment where you buy a small portion of a company and become a shareholder?
A stock
What is the name for the service that allow you to check your account balance and recent transactions online?
Online Banking
How can you reduce your expenses?
You can reduce expenses by shopping around for the best price, using coupons, and cutting out unnecessary expenses.
Any location where people go to work or conduct business
Workplace
What do you need to have before you can apply for a mortgage?
A down payment
Fixed income security that represents a loan made by an investor to a borrower.
Bond
What is the difference between a debit card and credit card?
A debit card is linked to your checking account and withdraws funds from your account, a credit card allows you to borrow money from the issuer
Where does 90% of financial planning come down to?
It comes down to spending less than you make
What is the difference between a job and a career?
A job is short term, while a career is long term which usually requires special education
What is the percentage of the purchase price of a property that a borrower typically needs to pay as a down payment?
A pool of money from many investors that is managed by professionals
Mutual Fund
Does the Government of Canada provide financial services to individuals
No
What are the two categories that expenses are divided into?
Fixed expenses and variable expenses
A measure of the percentage of the labor force that is currently employed
Employment Rate
The length of time over which a loan or other financial obligation is to be paid off
Amortization Period
What is a general name for a bundle of different types of investment such as stocks, bonds, and real estate?
A portfolio
What type of cheque can you cash in at any branch of a bank in Canada?
Government of Canada Cheque
What is the importance of having an emergency fund?
An emergency fund is a savings account that you use to pay for unexpected expenses, so you don't have to rely on credit cards or loans.
The quantity of labor that employers are willing and able to hire at a given wage rate.
Demand
What is the difference between a fixed-rate and an adjustable-rate mortgage?
Fixed-rate mortgages have an interest rate that remains the same throughout the life of the loan, while adjustable-rate mortgages have an interest rate that can change over time.
TFSAs, RRSPs, and RESPs are all examples of what?
Tax-Free Shelters