Financial Institutes
Right Information
Keep The Bag
Cards & Accounts
Don't Play With My Money
100

A financial institution that accepts deposits from the public.

A Bank

100

What are the benefits of financial literacy?

Less debt, higher net worth, less financial struggle, improved household finances

100

An objective that a person sets affects how they save and spend money. Objectives can be short-term (e.g., buying a computer) or long-term (e.g., saving up for college/university).

Financial Goal

100

Lauren pays for her book at the bookstore. She uses a card that can only be used at a specific store.

A gift card

100

A document that orders a financial institution to pay a specific amount from the issuer's account to the person or organization named.

A cheque

200

Money that is borrowed and is expected to be paid back in interest.

A Loan

200

An agreement between a buyer and seller to exchange goods or services (including for money).

Transaction

200

What does HST stand for? What is the HST rate in Ontario?

HST - Harmonized Sales Tax

Rate - 13%

200

Debit cards, credit cards, and cash are ways to pay for items or services. What are 3 other ways you can pay?

Cheque, e-transfer, electronic wallet, gift card, rewards/loyalty programs, coupons.

200

1) Purchasing a new backpack for school (expense or income)

2) Getting a weekly $35 allowance for doing chores around the house (expense or income)

3) Buying Regino's pizza for $5.00 for lunch (expense or income)

1) expense

2) income

3) expense

300

A card issued by the bank that allows the owner to transfer money electronically to another store or account when making a purchase.

Debit Card

300

Name 2 ways to improve your financial literacy.

Start budgeting, read about finances, take a personal finance class, set financial goals

300

Aran really wants the new PS5, which costs $500. Aran has $200.00 in his Bank of Walsh. However, he just received a credit card with a $1000 limit. Should Aran use his credit card to buy a PS5? Why or why not?

NO! Aran should not use his credit card because he does not have enough money in his checking account to pay off his credit card bill. He will end up paying interest on the outstanding balance owing on his credit card.

300

What can be done with your money? (hint - there are 4 ways)

Spend, Save, Invest, Donate

300

List 1 pro and 1 con to using e-transfer

Answers will vary

Pro: The person you are sending money can receive it almost immediately.

Con: If you send it to the wrong person you might not be able to get that money back.

400

I have enough money to pay the balance of my credit card, but I just pay the minimum monthly payment. Is that the best financial decision? True or False

Paying the minimum amount is not the best decision. A person is charged interest when their credit card balance is not at 0 by the end of the month.

400

What are three ways that we can earn money?

Answers will vary: helping parents with chores, dog walking, birthday cards, helping with yard work, garage sale, part time jobs, etc.

400

Name 3 banking institutions in your neighbourhood.

Answers will vary. TD, CIBC, RBC, Scotia Bank, BMO, Simplii etc.

400

If you make $500 each week and there are 4 weeks in the month, how much do you earn each month? Your expenses are $1300 each month. How much does this leave you for additional spending or to put into savings?

$500 X 4 = $2000

$2000 - 1300 = $700

I have $700 remaining for additional spending or to put into savings. 

400

1) Money that we receive in exchange for work or investments. 

2) Things that one spends money on. 

3) An estimate or plan to manage income and expenses over a set period.

1) Income

2) Expenses

3) Budget

500

CIBC gives $10 000 to Gabrielle for her student loan to study Electrical Engineering at the University of Ottawa.

In this situation, who is the lender and who is the borrower?

CIBC is the lender

Gabrielle is the borrower

500

Suppose you have $100 dollars in a savings account earning 2% interest a year. After 5 years, how much money would you have?

A. More than $102

B. Exactly $102

C. Less than $102

A. More than $102


$100x.02x5=$10

500

What should your credit card balance be by the end of the month?

It should be $0.00 by the end of the month.

500

What do you need to consider when making a budget? (hint - there are 3 points)

1) How much we earn each week or month (income)

2) What are our expenses are

3) What we need and what we want

500

List 3 factors that interfere with our financial goals

Answers will vary: expenses, high level of debt, health, economic conditions, income, social supports, lifestyle, family situations, budgeting.