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Financial Literacy Review Flashcards | StudBud
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Financial Literacy Review
Financial Literacy Review
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Flashcards
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Questions
10
Answers
1
What is a fixed expense?
Items that you buy once in a while.
Money that you earn regularly.
Money that you earn randomly.
Items that you regularly spend money on.
2
If you have a deficit, it's important to cut back on non-essential items.
False
True
3
Which type of services are called "full-service banks", where services include bank accounts and different loans.
Chartered Banks
Bank of Canada
Trust Companies
None of the Above
4
Which of these are the types of banks we discussed in class?
Chartered Banks
Bank of Canada
Trust Companies
Credit Unions
5
What is a credit score?
a measure of how much you spend on groceries each month.
the amount of money you have in your bank account.
a numerical representation of your creditworthiness
the number of credit cards you own.
6
Interest is always a bad thing.
True
False
7
What is the first step in preparing a budget?
Determing expenses
Setting financial goals
Saving for emergencies
Assessing your income
8
Lines of credit are more similar to a bank account than a credit card.
True
False
9
A savings account is best for day-to-day banking.
False
True
10
What is the key feature of a chequing account?
Allows frequent deposits and withdrawals
No fees!
Provides long-term savings benefits
Earns high interest
