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Introduction to Financial Literacy Flashcards | StudBud
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Introduction to Financial Literacy
Introduction to Financial Literacy
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Answers
1
What happens if you overpay your taxes in Nova Scotia?
You are fined for miscalculating taxes
The government keeps the extra money
You receive a tax refund
Your employer deducts less tax next year
2
Which of the following is a fixed expense?
Entertainment spending
Groceries
Eating out at restaurants
Monthly rent or mortgage payment
3
What happens if you only make the minimum payment on your credit card?
Your credit score increases automatically
You pay more in interest over time
Your balance disappears
You avoid interest charges
4
What is the purpose of a credit score?
Evaluating your creditworthiness
Calculating your tax refund
Determining your annual salary
Choosing your health insurance plan
5
What is one way to build good credit history in Canada?
Close all old credit accounts
Make regular, on-time payments on credit accounts
Apply for multiple loans at once
Never use a credit card
6
What is one way to protect yourself from financial fraud?
Share your PIN with trusted friends
Respond to all emails requesting personal information
Keep all financial information on social media
Use strong, unique passwords for online banking
7
Which provincial tax must Nova Scotians pay in addition to the federal Goods and Services Tax (GST)?
Property Tax
Provincial Income Tax
Carbon Tax
Harmonized Sales Tax (HST)
8
What is the primary benefit of having an emergency fund?
To invest in stocks
To spend on vacations
To buy luxury items
To cover unexpected expenses
9
What is the primary purpose of the Nova Scotia Student Assistance Program?
To provide scholarships for international study
To fund extracurricular activities in high schools
To sponsor study tours abroad
To offer loans and grants to help students pay for post-secondary education
10
What is the Nova Scotia First-Time Home Buyers Rebate?
A discount on property taxes for the first year
A grant that covers 50% of a home’s purchase price
A program that covers legal fees for first-time buyers
A rebate on the provincial portion of the HST for first-time home buyers
11
What is the primary benefit of creating a personal budget?
Ensuring all money is spent by month-end
Increasing eligibility for loans
Reducing tax obligations
Tracking income and expenses to manage finances effectively
12
Which tax credit is available to low-income individuals and families in NS to help offset the increase in the HST
Nova Scotia Affordable Living Tax Credit
Provincial Goods Rebate
Nova Scotia Sales Reduction Credit
Maritime Cost Relief Credit
13
What is one benefit of paying bills on time?
Your rent decreases
Your employer gives you a raise
Your credit score improves
You qualify for free banking services
14
What is the purpose of the Canada Pension Plan (CPP)?
To offer retirement, disability, and survivor benefits to contributors
To subsidize housing costs
To provide financial assistance to students
To fund healthcare services
15
What is the minimum wage in Nova Scotia as of February 2025?
$15.20 per hour
$10.85 per hour
$12.95 per hour
$16.50 per hour
16
What is the main consequence of missing multiple payments on a loan?
The loan amount is reduced
Your credit score may drop
The bank forgives the debt
You qualify for more loans
