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BBI 2O Income Management Quiz Flashcards | StudBud
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BBI 2O Income Management Quiz
Coins are minted [produced] by
I receive money for tutoring
BBI 2O Income Management Quiz
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Questions
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Answers
1
I receive money for tutoring
Gift
Allowance
Income
Bonus
2
Coins are minted [produced] by
Schedule 1 Banks
Bank of Canada
Royal Canadian Mint
Federal Government
3
I go out for coffee every Sat after working out at the gym with my friend. This is
income and price
customs/habits
promotion
current trends/status
4
Deciding where to buy a new smartphone from based on services and pricing. Money is a
standard of future payment
measure of value
medium of exchange
store of value
5
The amount that is deposited into my bank account every 2 weeks by my employer is my
none of these
discretionary income
gross income
disposable income
6
To get the most out of your income you need to _____ carefully.
save
all of these
spend
plan
7
If the business earns a certain level of sales, I receive a bonus. This is
commission
piecework
wage or salary
profit sharing
8
If I get paid a % of what I sell this is
commission
profit sharing
wage or salary
piecework
9
Benefits add value to our income and may include
sick days/vacation days/holidays
all of these
medical/life insurance
drug/dental plans
10
Polymer bank notes were introduced to
increase durability
include features to aid the visually impaired
enhance security features
all of the these
11
Comparison shopping is a money management strategy
False
True
12
Items such as CPP, EI, Union Dues, Medical are
taxes
insurance
donations
deductions
13
As a custom baker I get paid according to the each order. This is
piecework
commission
profit sharing
wage or salary
14
Comparison shopping includes considering
quality and service levels
all of these
prices
features of products/services
15
I earn $50 050 per annum [year]. This is $1 925 every 2 weeks. This amount is my
disposable income
discretionary income
gross income
none of these
16
Legal tender is
Credit Cards
Bank Notes and Coins
Debit Cards
Cheques
17
Deductions are actually "paid" by
none
employee
employer
both
18
The production of fake money is
counterfeiting
fraud
19
I buy items from Amazon as they are often less expensive and it's convenient
current trends/status
customs/habits
promotion
income and price
20
I am putting $100 aside each paycheque to be able to visit my brother in Australia. Money is a
medium of exchange
measure of value
store of value
standard of future payment
21
If my salary does not increase over time I will be able to purchase less in the future. This is
purchasing power
inflation
standard of value
medium of exchange
22
Deductions are
both of these
mandatory [have to pay]
none of these
voluntary [choose to pay]
23
Understanding why we buy can help with
income earning
expenses
budgeting
money management
24
Buying my clothes at Value Village, Plato's Closet, or thrift shops is buying on or buying
impulse
clearance sales
second-hand
promotional sales
25
I receive a bonus so I decide to take a family trip. I am buying due to
income and price
promotion
customs & habits
current trends/status
26
The responsibility for the supply of money in the Canadian economy is the
Royal Canadian Mint
Provincial Government
Bank of Canada
Federal Government
27
My income is $4 000 for the month, my payments for living costs & entertainment are $4 500,
income problem
money management problem
cost of living problem
budgeting problem
28
I paid for my coffee from Tim Horton's with bank notes and coins. My money is a _____
standard of future payment
measure of value
medium of exchange
store of value
29
I paid a deposit of $5 000 for my new car. I will pay the balance owing over 4 years. Money is
standard of future payment
measure of value
store of value
medium of exchange
30
Income received from owning property is
wages or salaries
dividends
rent
interest
31
Buying to impress others [conspicuous consumption]
customs & habits
promotion
current trends
status
32
Income received from doing a job is
dividends
rent
interest
wages or salaries
33
I get paid a fixed amount each month no matter how many hours I work
piecework
commission
salary
profit sharing
34
After all deductions and living expenses have been paid, I have $200 left. This is my
gross income
none of these
discretionary income
disposable income
35
I decide to buy a new brand of make up due to a video advertisement that I see on social media
customs and habits
current trends/status
income and price
promotion
36
Planning for saving & spending based on income is
budgeting
saving
income management
investing
37
Income received from owning stocks/shares is
rent
dividends
wages or salaries
interest
38
Buying goods or services at a reduced price due to Canada Day celebrations is an or a
promotional sale
clearance sale
impulse buy
second-hand sale
39
Income received from a savings account is
rent
wages or salaries
dividends
interest
40
Impulse buying means
budgeting
comparison shopping
buying without thinking or planning
buying on sales
41
I buy to style it or due to peer pressure
promotion
customs & habits
status
current trends
42
Buying Easter Egg themed chocolate at a reduced price after Easter is buying on
clearance sales
promotional sales
second-hand sales
impulse
43
Bank notes are produced by the
Bank of Canada
Federal Government
Royal Canadian Mint
Schedule 1 Banks
44
Security features on bank notes include
Hologaphic stripe - images & numbers move within shiny strip
Watermark portrait [ghost like image] & see through numbers
Security thread - solid line shows when hold note to light
all of these
45
Property taxes have increased every year since buying my home. This is
a value of property increase
inflation
a service level increase
a revenue increase