Financial Literacy: PennyDrops Lessons 1-8

There are two basic savings accounts offered at most banks: the high interest savings account and the ___________.

What is the type of card that borrows money every time you use it?

If you buy something with your credit card, you need to pay your bills right away.

Roger paid his electric bill late with his credit card and was charged an additional $2.00 service fee.

Different credit cards, even within the same company, can have different interest rates.

In a Registered Education Savings Plan (RESP) the beneficiary can use the money on ______________.

Sometimes banks will charge a __________ for moving money between accounts or people.

You are not allowed to make withdrawals from a savings account.

Is the amount you earn after subtracting taxes and other deductions from gross income.

A down payment is the amount of money you put towards the purchase of your home at the time of purchase.

Shares of ownership in a company

The physical locations at which a bank does business and at which you can make transactions are called __________.

If you withdraw money from another bank's ATM, you might be charged _____________.

Stocks are a way for a company/government to raise funds, you lend them money, they promise to pay you back + interest

A tax-deductible savings account dedicated to a person's retirement savings.

A savings account is different from a chequing account because you gain interest on your deposits.

Which one is NOT required for someone under the age of 18 to open a bank account?

Mia bought an oil change for her car and used a coupon to pay for part of the cost.

If you are going to buy an item on the Internet, you are probably going to need to use some type of card.

A form from the employer displaying income and deductions during the year.

What is a mortgage?

What type of bank account has a debit card associated with it?

How old do you have to be to open a bank account on your own?

What type of card is linked directly to your bank account?

Temporary financial assistance for those who lose their job through no fault of their own or go on maternity leave

What type of card do you put money directly onto?

When talking about mortgages, what does principal mean?

The bank can offer to pay you interest because they lend money to other patrons at a higher interest rate.

Only a few people with a house have a mortgage.

A tax-free savings plan dedicated to a child's education.

What are the fees often associated with prepaid cards?

A 5% federal sales tax in Canada

Credit limit is the amount of money you are allowed to spend in a credit period.

Jessica bought a new pair of basketball shoes for $100 even though she could not fit into them.

The contributions to a Registered Retirement Savings Plan (RRSP) are NOT tax deductible.

Which is NOT a benefit or bonus offered by credit cards?

Jason didn't buy the new shoes he was interested in and opened a savings account with the money instead.

Michael spends $15 a week on chips from the vending machine when he has some at home.

The amount of money you must pay your bank in order to keep your account open.

You can load money onto a credit card.

What type of card is associated with a loading fee?

What is a credit score?

If an account is tax-free, then you can keep all of what you make.

The amount one is charged if they have a balance lower than the required minimum on a bank account is ____________

A plan that provides income to retired individuals through employee and employer taxes that are withheld from payroll.