The total amount you make before deductions.

Preparing a simple budget allows you to:

compare your income with your expenses

A good financial plan will help you to:

organize your financial resources to meet goals

Amount a worker receives after deductions are subtracted.

Expenses can be Variable or Fixed. Variable expenses are:

expenses like entertainment that can change each month

studbud

Financial Literacy Intro

15 termsStudBud Administration154 plays

BC Canada Grade 10 Financial Literacy

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
What is Gross pay?
The total amount you make before deductions.
Money you make at a job that is given to you in cash.
The amount of money you make after deductions.
2
Which payroll deductions will your employer usually subtract from your paycheque?
Employment insurance premiums
income tax
all of the above
Canada Pension Plan contributions
3
Preparing a simple budget allows you to:
compare your income with your expenses
see if you are getting ripped off
argue for a higher allowance
increase your income to pay your expenses
4
CPP in regards to payroll deductions stands for...
Careers and Program Plan
Canadian Pension Plan
Canadian Planning Program
Career Payment Person
5
A good financial plan will help you to:
get through life without debt
make sure you will never borrow money
figure out where to get some easy money
organize your financial resources to meet goals
6
All Canadians pay into a national pension program. A "Pension" will pay you money...
when you retire
when you are old
if you lose your job
if you to university/college/trade school
7
If you don't pay off a credit card at the end of the month, you can expect to pay interest at...
7-9% per year
1-2% per year
10-20% per year
4-6% per year
8
What is Net Pay?
Amount a worker receives after deductions are subtracted.
Your taxes.
Full earnings.
Money withheld from gross pay.
9
Employees under 18 years old don't have to pay income tax.
False
True
10
Employment Insurance is a deduction on this pay stub.
False
True
11
Employment Insurance can be used by people who...
lose their job
All of the above
have a baby
had EI deducted from their pay
12
Expenses can be Variable or Fixed. Variable expenses are:
expenses that don't change from month to month, like rent
expenses you have no control over
the price of new variables, like x and y
expenses like entertainment that can change each month
13
Thinking about your real "needs" compared with your "wants" will help you:
get to sleep at night
Choose the best outfit for graduation
get more money to spend
Set spending priorities wisely
14
What determines how much income tax a person pays?
how much they earn
number of dependents in the house
years of education
area they live
15
When banking, chequing and savings accounts have the same features.
true
false

Financial Literacy Intro Flashcards | StudBud