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Financial Literacy Intro Flashcards | StudBud
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Financial Literacy Intro
Financial Literacy Intro
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BC Canada Grade 10 Financial Literacy
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
When you invest money, "diversification" means
a stitch in time saves nine
he who laughs last, laughs best
people who live in glass houses shouldn't throw stones
don't put all your investments in one basket
2
Karen owes $5000 on her credit card. How much will she owe in total after one year? (rate = 20% per year)
$7500
$1000
$6000
$500
3
CPP in regards to payroll deductions stands for...
Canadian Planning Program
Careers and Program Plan
Canadian Pension Plan
Career Payment Person
4
Karen saves $5000 for a year and earns 1.5% interest. At the end, Karen has...
$45
$6100
$7500
$5075
5
A good financial plan will help you to:
figure out where to get some easy money
organize your financial resources to meet goals
make sure you will never borrow money
get through life without debt
6
Chequing accounts favour transactions. Savings accounts don't, but they usually pay interest at ____% on your money.
10%
25%
35-40%
1-2%
7
To get higher returns on your investments you have to be willing to:
borrow money
take greater risk
be very cautious when you invest
take less risk
8
Employees under 18 years old don't have to pay income tax.
True
False
9
Which payroll deductions will your employer usually subtract from your paycheque?
Employment insurance premiums
Canada Pension Plan contributions
income tax
all of the above
10
What determines how much income tax a person pays?
how much they earn
area they live
years of education
number of dependents in the house
11
When you pay for purchases with a credit card, which is usually true
no interest on purchases unless you pay after the due date.
The credit card company will charge you interest.
You’ll pay a service fee on each transaction.
The interest can be more than 30%.
12
When banking, chequing and savings accounts have the same features.
false
true
13
APR means "Annual Percentage Rate." It is used to determine interest rates...
when you are borrowing money
when you have lost your job
when you are discussing paycheques
when you are buying groceries
14
Identity theft costs Canadians:
more than $150 million per year
$10-20 million per year
less than a million $
$1-2 million per year
15
If you don't pay off a credit card at the end of the month, you can expect to pay interest at...
4-6% per year
1-2% per year
7-9% per year
10-20% per year
16
Which of the following is not a responsible use of credit cards?
pay the minimum payment every month
understand your contract before signing
Borrow only what you can repay
keep cards, PINs and passwords secure
17
All Canadians pay into a national pension program. A "Pension" will pay you money...
when you retire
if you to university/college/trade school
when you are old
if you lose your job
18
Preparing a simple budget allows you to:
compare your income with your expenses
increase your income to pay your expenses
argue for a higher allowance
see if you are getting ripped off
19
What type of insurance is mandatory in British Columbia?
home insurance
car insurance
personal liability insurance
life insurance
20
Thinking about your real "needs" compared with your "wants" will help you:
get to sleep at night
get more money to spend
Choose the best outfit for graduation
Set spending priorities wisely
21
Expenses can be
Variable
or
Fixed.
Variable expenses are:
the price of new variables, like x and y
expenses that don't change from month to month, like rent
expenses you have no control over
expenses like entertainment that can change each month
