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Financial Tools 101 Financial Literacy HIP4O Assessment AS Learning
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
Stocks, Mutual Funds & Futures are for
Investing
Saving
2
Wills are needed only for
Old people
Everyone who has a dependent
People who think they are dying
Rich people
3
A method of setting and tracking monetary goals via income and expenses
Spending
Saving
Emergency Savings
Budgeting
4
Saving is the SAME as Investing
False
True
5
Saving for a child's education uses this tool
RRSP
Stock
Mutual Fund
RESP
6
Mutual Funds allow you to BUY
no stocks
stocks from 1 company
stocks from several companies
7
The act of setting aside money for the future, that could have been used to buy stuff
Emergency Saving
Budgeting
Estate Planning
Saving
8
Has very low interest rates, but very safe/stable investment
RRSP
GIC
RESP
TFSA
9
There's no better time to start saving then
Tomorrow
Today (now)
Next month
Never
10
You can borrow from this to help buy your first house
POA
TFSA
RESP
RRSP
11
Financial Success requires
Time and Planning
Faith
Rocket Science
Luck
12
My 10 year old laptop has been getting slower each month & broke today. I bought a new one.
Regular Savings Purchase
Emergency Savings Purchase
No Purchase required
13
Money can grow in this tax free and no penalty for withdrawing
RESP
RRSP
TFSA
Mutual Fund
14
What is the best age to start saving for a child's RESP?
age 20
Just after the baby is born
6 months BEFORE the child is born
15
If I am unconscious in the hospital, this allows someone to make medical decisions for me
TFSA
Will
POA
GIC
16
GICs are what type of investment (GUARANTEED INVESTMENT CERTIFICATES)
Low Risk
High Risk
17
To maintain financial stability, Emergency Savings are OPTIONAL
True
False
18
The contributions to this are TAX FREE
RESP
TFSA
GIC
RRSP
19
Stocks provide a guaranteed rate of return on investment
True
False
20
Which of the following is NOT an investment tool
Mutual Fund
Stock
POA
