Income
What is Gross income?
a person's total earnings prior to taxes or other deductions.
What does RESP stands for?
Registered education savings plan
What is a Canada Savings Bond?
It is a loan made by an individual to the government of Canada. On the maturity date, the government will repay the principal plus interest.
What is the CDIC stands for ?
Canada Deposit Insurance Corporation (CDIC)
Give an example of schedule 2 bank.
Simplii, Citibank Canada ect.
How do we calculate net income?
Total Revenues – Total Expenses = Net Income
What is term deposit?
It is a savings plan in which a fixed sum of money is deposited over a specific length to time.
What is a shareholder?
What is a cheque?
A document that orders a bank (or credit union) to pay a specific amount of money from a person's account to another person.
What is the number range for credit score.
What is a net worth?
It is the value that is left after subtracting liabilities from assets.
Give 3 reasons why people save money?
People save for many reasons including emergency needs, short- and long-term goals, and security and future needs.
What are Mutual Funds?
Mutual funds are pools of money from many investors that are set up and managed by an investment company to buy and sell securities from other corporations.
Define Collectibles.
Collectibles are items of personal interest to a collector. A collectible may increase in value over time due to the scarcity of the item or the demand in the market.
What is an R7?
Meanings that you have been bankrupt.
What is Disposable Income ?
It is the amount of income that is left after deductions of income tax, Canada Pension Plan (CPP),and Employment Insurance (EI).
What is the equation for simple interest?
P x R x T
Give 2 types of stocks.
Common Stock and Preferred Stock
Define Bull market?
A bull market occurs when the demand and price for most stocks is high. When demand and price for most stocks is low, it is a bear market.
What is an R3?
Means that you payed bank the money of your bankruptcy.
Define Discretionary Income.
Discretionary income is the amount of money that is left over after all necessities have been paid. Necessities consist of rent or mortgage, food, transportation, insurance, electricity, and so on.
Define the word liquidity ?
Liquidity is the ability to convert an asset or investment into cash quickly and easily.
Where is the stock exchange market located in Canada?
It is located in Toronto.
Define Diversification ?
A strategy that mixes a wide variety of investments.
Give 3 pros and cons on using credit.
Your answer.