Currency
What is the currency we primarily use in Canada?
CAD- Canadian Dollar
When you receive a loan, what do you have to pay (Hint: their is the name for this kind of rate)?
Interest
Are wages typically defined by year, month or daily/hourly?
daily/hourly
Name 3 Physiological Needs-
1. food/water
2. shelter
3. air
4. sleep/rest
5. clothing
What is the maximum amount you can deposit in a bank account without have to fill out a report or being "flagged"?
$9,999
If you deposit more than this into a bank account, the government of Canada will flag you and they will file a suspicious activity report against you.
You CANNOT just break this up into 2-3 transactions ex. at 9am $7,000 and at 11am $6,000
What is the approx. value of the US Dollar compared to the Canadian Dollar?
1.3x-1.4x
What do you pay interest on, its another name for the money that is being loaned? (Hint: Its a role that someone has at your school, NOT a teacher in a classroom
Principal
Principal is the value of the asset (property, car, valuable) and then you pay interest on that value.
Ex. If your house costs $100,000 and you pay 7% interest, each year you will pay $7,000 to a bank/mortgage broker to help pay for your house
When someone pays you one 'sum' of money or you get money from the bank all in one rather than smaller scheduled payments, what is this called?
Lump sum
Difference between wants and needs-
Needs- Physiological/health well-being, fundamental baseline for survival
Wants- Shoes when you already have functional shoes! Following trends that everyone else is doing, putting your wants over other peoples needs who depend on you
Do you need a bank account to cash a cheque?
No
You can use cash advance options (Money Mart, Cash Money, Pay2day, etc.) but they can charge high interest fees.
Every bank offers a no cost chequing account, recommended for depositing cheques
Why did the Canadian Government stop producing the One dollar bill in 1989 (There are 3 different answers, only 1 is needed to get the points) ?
Cost Savings, Vending Machine Use and More Durable
For Personal/Auto-loan, what is considered standard interest rate? (Prime rate)?
6.95% (7%)
Jobs that are typically full-time and/or unionized are able to receive this form, provided to enhance financial, physical, and mental well-being
Benefits
Your parents ask you to pickup your little brother from school but your friends are doing tik toks, and you don't want to miss it.
What is the most logical solution and how can solve your FOMO?
1. Skipping the tik tok dance and picking your brother up.
2. Schedule an event with friends on the weekend in advance
Do you need to be a Canadian Citizen/resident to open a bank account in Canada?
No, but proof of address, and foreign paperwork is required
Which year did the Canadian Government stop producing pennies?
2012/2013
What is the amount you can get for a small loan on a business, with meeting criteria of 1+ year in business, healthy revenue and good credit?
$100,000
In any case, you are a worker and the company pays you a wage, what do you provide to the company/employer in order for you to get paid?
Any of the following: DDF (Direct Deposit Form), PAD (Pre-Authorized Debit), Void Cheque
A group of teenage kids ask you to join them to "make money" you don't bother asking any questions about it, and later on, as you are approaching your neighbourhood convenience store, your friends say we are going to go in to rob the store and they need someone to stand outside the door and "keep watch" you accept the role because you don't think there is any "criminal action" that you are taking and you don't want to get robbed or harassed by them.
What steps should you take when you first find out?
1. Immediately run and look for the nearest store, bank, public place that has staff that you can let know what is about to take place
2.
What is the main difference between a cash advance center (ex. Cashmoney, Pay2day) and a bank/financial institution (ex. TD Bank, RBC, BMO, etc.)
Cash advance center- give you loan against your paycheque and CAN withhold funds, high interest usually at least 20%. All you need for cash advance is usually a paycheque, only recommended when you are desperate and have no alternatives
Bank- cannot with hold money in your account and don't require you to pay as high interest (usually 2%-7%) but it is more difficult to secure a short-term loan
In 2013, which practice started taking place for cash transactions only? (i.e when you pay electronically, you pay the full amount)
"Rounding", "To the nearest decimal" (0.00 or 0.05)
With Student Loans, you do not have to repay them after your Post-Secondary School is finished. For Provincial Student Loans, what is the prime interest rate plus 1% (Total interest) ?
7.95% (8%)
What two deductions typically come off a pay cheque?
Employment Insurance (EI), Canada Pension Plan (CPP)
Your parent gives you money for the grocery store but you "need" $20 from the grocery store money to get a cool new colour way of Jordan 1s, instead you don't buy milk, potatoes, as you deem them less "important" your siblings will now be impacted. You acknowledge you made a mistake, what is the best possible response.
***Put your ego/feelings aside and return the shoes
2. Be Resourceful! Reach out to TCHC staff (Active living team, LIT Staff) to see what TCHC has to offer and Canada Summer jobs programs, etc.
3. Most importantly, understand the difference with wants and needs.
When you deposit a work cheque, how much does the Canadian Government require your bank to make available right away?
$100
ex. Your cheque is for $200, they must make at least $100 available right away though your financial institution can provide the rest within 3-5 days after