Savings | Investing | Budgeting | Spending Habits | General Knowledge (hint: YouthinFinance ig) |
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18 years old
How old do you have to be to open a savings account?
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TFSA
What is a bank account you can use to invest without paying interest on your gains?
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C: rent
Which of these are a fixed expense?
A: cellphone bill B: electricity bill C: rent D: gasoline |
Expenses
What is the term used to describe the items you spend your money on?
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credit and debit
The two most common types of cards are ____ and ____.
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Principle
The name of the original amount of money deposited in an account?
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C: Shares of stock
What “unit” do you buy in order to be an owner of a stock?
A: Stockholder’s unit B: Stock C: Shares of stock D: Owned shares |
A: gross income
What is the name of an individual’s income before taxes are paid?
A: gross income B: Net income C: premium income D: contract income |
Fixed or variable
Name one of the two types of expenses.
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Open a bank account, open a savings account, file a tax return
What are 3 things you should do when you turn 18?
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B: Account holder wrote check for more money than what they have in their account
What causes a check to bounce?
A: Someone added too much $ to their checking account B: Account holder wrote a check for more money than what they have in their account C: There is a higher interest rate D: There is low interest rate |
B: Simple and compound interests
What are the two types of interest used by banks in calculating investment profits?
A: Additive and multiplicative interests B: Simple and compound interests C: Simple and concrete interests D: Sample and compound interests |
50-30-20 rule
What is the most common type of budgeting rule promoted?
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impulse purchase
What is it called when someone buys something without planning to in advance?
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Tax Free Savings Account
What does TFSA stand for?
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1. Social security number
2. ID with picture
What two things are required for a savings account?
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Limit order
What is the type of order that is only executed if a specific price can be obtained?
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A: 10%
Your budgeting plan should have saved you at least this percentage of your money:
A: 10% B: 15% C: 12% D: 20% |
C: Credit card
This enables a person to buy things without having to bring actual money to the counter, which they later on pay.
A: Investment card B: Loans C: Credit card D: Budget leftovers |
Revolving credit, installment credit, open credit
What are the three types of credit?
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6 months worth
How much money should you have saved in an emergency fund (in terms of time)?
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Diversification
“Don't put all your eggs in one basket" is an example of _____.
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B: Cash culprits
These are costs that can easily be eliminated but are not, and destroy the budget plan.
A: Cash robbers B: Cash culprits C: Cash takers D: Shopping spree-fever |
realistic
Every spending plan should be ____.
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35%
How much does your payment history affect your credit score?
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