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BTT Financial Literacy Flashcards | StudBud
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BTT Financial Literacy
BTT Financial Literacy
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#btt #civics #careers #grade10
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
What is minimum wage for a student in Ontario?
$13.15
$14.55
$12.35
$10.05
2
Which is an example of a fixed expense?
Netflix
House Payment
Gasoline
Clothing
3
Who pays Income Tax?
Anyone who makes enough money
Anywho who receives a pay check.
Anyone who buys something at a store
Anyone who makes money but is not a student
4
One way to improve human capital is by...
Building a factory
Attending school
Go shopping
Saving money
5
A plan for managing income, spending and saving is called...
Budgie
Bonus
Balance
Budget
6
When a bank pays someone to deposit money it is called...
Investment
Payment
Interest
Cost
7
What does OYAP stand for?
Ontario Youth Area Program
Ontario Youth Apprenticeship Program
Ottawa Youth Apprenticeship Program
Ottawa Young Apprenticeship Program
8
What does CPP stand for?
Canada Pension Plan
Canadian Program for Pensions
Canada Pension Program
Canada's Pensioner Plan
9
What is the best action to take to balance your budget?
Increase expenses
Reduce expenses
Get more credit cards
Pay more taxes
10
Where do you go to get a student loan?
family
university
bank
government
11
The payment people receive for the work they do is called...
Wages
Savings
Profit
Interest
12
Taking money out of your bank account is called...
payment
deposit
withdrawal
stealing
13
Which of the following could you use to buy something now and pay for it later?
debit card
cash
credit card
cheque
14
Jobs usually pay a higher salary when...
An ad has been placed online
They have a job title
More education or skills are required
People must be interviewed
15
The amount of money you receive AFTER deductions.
Net Pay
Gross Pay
16
What is a balanced budget?
savings + expenses > income
savings + expenses = income
savings + expenses < income
17
OSAP is available to students going to University or College.
False
True
18
What is net pay?
The total amount of money earned before paying deductions
Amount of money left after all deductions have been taken
The amount of pay earned from doing additional work
The length of time an employee's wages are calculated
19
Money that is left to spend or save after required expenses are paid
direct income
fixed income
net income
disposable income
20
I should only apply for the scholarships and bursaries that I know I am eligible to receive.
False
True
21
Sam earned $3000. He spent $2000. He put $1000 in the bank. What is the $1000 amount called?
Profit
Expenses
Budget
Savings
22
Co-op is meant primarily for students that want to go to college.
True
False
23
Fixed Expenses don't change; variable expense do: clothing is what kind of expense?
Variable Expense
Fixed Expense
24
When you borrow money from the bank this is known as:
taking a Loan
borrowing
leasing
investing
25
This type of card allows you direct access to the money in your bank account:
credit
debit
26
The knowledge, skills and talent that people use to do their work is called
Human Capital
Financial Capital
Capital Resources
Natural Resources
27
Which person is unemployed?
retired firefighter
a person looking for a job
stay at home dad
full time student without a job
28
Do you think everyone who goes to school in Ontario is eligible to receive OSAP?
nope
yep
29
Term used to describe money borrowed from others that you promise to pay back...
debt
debit
date
doubt
30
True or False: Do you have to pay a loan or student loan back?
true
false
31
When you receive OSAP, you have to pay back ALL THE MONEY that they give you.
False
True
32
What is a loan to purchase a home called?
debit
credit
asset
mortgage
33
Sam earned $3000. He spent $2000. He put $1000 in the bank. What did the $2000 amount pay for?
Expenses
Profit
Savings
Budget
