stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Financial Literacy Flashcards | StudBud
Explore
/
Financial Literacy
Financial Literacy
15 terms
·
StudBud Administration
·
55 plays
Imported from external platform
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
What is considered an excellent credit score?
600-700
900-1000
800-900
700-800
2
How often are credit card statements issued?
6 months
everytime you use your credit card
every month
each year
3
At what rate does the government help you save in an RESP?
$20 for every $500 you invest (4%)
$200 for every $500 you invest (40%)
$500 for every $500 you invest (100%)
$100 for every $500 you invest (20%)
4
Define A Savings Account.
This account will help you find an error in your checking account.
An account into which you deposit money, and take money by means of checks.
An account for depositing money that you want to keep.
An account only reachable by means of a cellular device.
5
Eligibility for OSAP is based on your...
All of the Above
Immigration Status
Ties to Ontario
Your Income
6
What is a Tax-Free Savings Account (TFSA)?
A savings account dedicated strictly for post-secondary education.
It is a savings account where you add money and the money DOES NOT grow.
An account that provides tax benefits for savings, growing your money.
A savings account dedicated strictly for retirement.
7
What factors affect a credit score?
new debt
type of debt
all of them
duration of debt
8
Advantages of a good credit score include
lower interest rates
all of the above
faster loan approval
lower down payments
9
What is an RESP?
A tax exempt fund that lets your savings grow for school
A special type of saving account for college students only
A type of retirement account for teens & younger adults
A special type of saving account for minors
10
What does RESP stand for?
Retirement Entitled Spending Plan
Real Estate Savings Plan
Registered Education Savings Plan
Registered Employment Savings Plan
11
How can you boost your credit score?
Pay your bills on time.
Hold no credit cards or loans of any sort.
Go over your credit limit.
Miss your payments.
12
Credit score is________.
a number that gives you rewards if you stay under
report of credit history
measure of someones credit risk
method of tracking money
13
What happens when you spend from your savings account?
You spend your money...
You can't
The bank takes away your card
Your bank will charge you an extra fee
14
True or False: You need a checking account to open a savings account.
False
True
15
What does OSAP stand for?
Ontario Study Abroad Program
Ontario Scholarship Admissions Program
Ontario Student Assistance Program
Ontario School Application Platform
