Banking
What are two reasons to have a bank account?
To protect your money and keep it safe
To give and receive payments eg. Direct Deposit
For convenience eg. automatic transactions
To help you budget
Why are goals important?
Forces you to think about what you want and helps you take the needed steps to attain it
Any suitable answer
True or False? It doesn't matter what size or type of knife you use as long as it is sharp.
False
You should use a knife that is larger than the food you are cutting
You should use the type of knife appropriate to the food you are cutting eg serrated knife for bread
What does tsp. stand for and what is one ingredient you would use this for?
Teaspoon
It's a small measure that can be used for salt, spices, vanilla, baking soda, etc.
Why are many of today's young adults referred to as "Generation Boomerang"?
Because they keep coming home. Some of them lose their jobs and others get divorced. They move home for financial reasons or for help with childcare.
What does ABM stand for and what is it used for?
Automated Banking Machine
It can be used to withdraw cash or deposit money or conduct other banking transactions
What are short term goals? Give an example
Goals that can be achieved in the near future (days, weeks, months)
eg. Getting an A in this course
eg. Getting a summer job
True or false? You should wash dishes from cleanest to dirtiest
True
eg. Wash glasses and cutlery before dirty pots
Which knife is the most used knife in the kitchen? What is a food you would use this for?
Chef's knife or French Knife
Any suitable answer eg. broccoli, watermelon
What are two deductions that you would have taken from your pay cheque?
CPP - Canada Pension Plan
EI - Employment Insurance
Income Tax
Donations - if you have them taken off directly through your work
Any work expenses eg. uniform
What is Direct Deposit?
When money goes directly from the person paying to the person being paid. NO action is required by the payee once it is set up.
What are long term goals? Give an example
Goals that are more far-reaching and take longer to achieve
eg. graduating from college
eg. starting your own business
eg. getting married
Why is it important to thoroughly clean any surface that has come into contact with raw chicken?
Raw chicken contains bacteria that can be harmful to us ie. salmonella. The bacteria is destroyed when food is cooked at high temperatures
How should you measure brown sugar? Be sure to state the type of measure you would use.
Dry measure
Fill the measure and pack it in until it holds its shape. Level it off with a straight spatula or flat side of a knife
What are two things that your Income Tax pay for?
Libraries, parks and playgrounds; roads and bridges; arenas and swimming pools; education and schools;health care and hospitals; national defence; garbage and recycling collection; economic development and wildlife conservation
What are 2 questions you should ask yourself when considering a bank?
What are they offering me for free?
How convenient is my banking experience?
Does the account change when I leave school?
Is overdraft protection free?
What else can the bank offer me?
What are Decisions by Default? Give an example
A decision made by choosing to allow someone else to make the choice, or by letting fate take its course.
eg. ordering pizza with a group and letting the others pick the toppings
eg. taking a course you are not interested in because you didn't submit your course selection sheet in time and all other courses filled up
If a food spoiled but it is then put into the freezer, will this kill the bacteria? Explain.
No. Freezing foods will stop the growth of bacteria but will not kill the bacteria that is already present.
What sizes do dry measures come in and what are they used for?
1/4 cup, 1/3 cup, 1/2 cup, 1 cup (& sometimes 3/4 cup)
Used for larger amounts of dry ingredients eg. flour, sugar, oats, rice
What is one advantage and one disadvantage of using credit cards?
Advantages: able to buy items needed now; don't have to carry cash; creates a record of the purchase; emergencies
Disadvantages: too easy to buy things you don't need; interest; may require additional fees; financial difficulties if you lose track of your spending (debt)
What is overdraft protection?
This is an option many banks offer. It prevents cheques, ABM, etransfers, or debit card transactions from causing the account's balance to fall below zero and and triggering an overdraft fee or an NSF (non-sufficient funds) fee.
What are SMART Goals? State what each letter stands for
Specific
Measurable
Attainable
Realistic
Time-bound/time framed
What are two preventative measures that you can take when dealing with electrical appliances?
Don't let cords drape over the counter; keep appliances away from water when in use; unplug an appliance by grasping the plug not the cord; replace old or frayed cords; don't overload circuits; read the instruction book that came with your appliance
What is the water displacement method? What do you use this for?
It is the most accurate way to measure solid fats such as butter or margarine. You would use a liquid measuring cup that is at least double the amount that you need. You use water to get an accurate measure.
What is the difference between Simple and Compound Interest?
Simple interest is calculated on just the principle. Compound interest is calculated on the principle and any interest earned the year(s) before.