Banking
What kind of accounts can you open in a bank?
Checkings, Savings, RESP, RRSP. etc.
What is inflation?
A general increase in prices and fall in the purchasing value of money.
What is the definition of a business?
A provider of a good or service
What are the different kinds of insurances? Give 2 examples.
Life, health, car, house, etc.
How old do you have to be to start investing?
18
What do accountants record their entries in?
Balance sheets
When owning a business there is always one golden rule "the customer is always ....".
the customer is always Right.
What undergraduate studies can you do in business?
Bachelors of commerce, management, administration, marketing, accounting, finance, etc.
What kinds of products can you invest in? Give 2 examples.
Stocks, Bonds, mutual funds, real estate, etc.
What tax must you pay once you start earning?
Income tax
Does the government have control over the actions of businesses?
Yes, they do.
What is an example of a target group?
Children, adults, a specific race or gender.
How many % of your paycheck is recommended to be put into your savings account?
15%-20%
What tax is added on almost every purchase we make?
HST (Harmonized Sales Tax)
Are supply and demand co-dependent?
Yes.
What kind of business is used to get customers aware of your product?
Marketing
What do you build when fulfilling payments on time?
Credit Score
Difference between the financial and fiscal year?
They are interchangeable, fiscal is generally used when referring to a business' accounting period.
What are different types of businesses?
Services, good, non-profit, corporations, etc.
What is the difference between Net and Gross Income?
The gross profit helps investors to determine how much profit a company earns. Net income is the profit that remains after all expenses and costs have been subtracted from revenue