Advanced Financial Literacy Terms Flashcards

1

Ways you can earn interest:

All of the above
Mutual Funds
Guaranteed Investment Certificates (GIC)
Savings account

2

What type of card charges interest?

both credit and debit cards
neither credit or debit cards
credit card
debit card

3

What is not an example of ways you can be charged interest?

credit card
loan on a house
savings account
car loan

4

How much is sales tax (HST) in Ontario?

10%
15%
3%
13%

5

A hoodie costs $50. What is the total price including HST?

$55.99
$50.00
$56.50
$60.00

6

You are not charged interest if you pay the full amount on your credit card at the end of each month.

True
False

7

What is the average interest rate on credit cards?

About 30%
About 19%
About 3%
About 9%

8

What is a mortgage?

Money you borrow on credit cards
Money you borrow to buy a car
Money you borrow to buy a house
Money you save to buy a house

9

What are some 'smart money' tips:

Save at least 10% of your earnings
Spend less than you earn
Avoid paying credit card interest
All of the above

10

What is the average interest rate for a home mortgage?

About 20%
Zero
About 30%
About 3%

11

What is the income tax % on a salary of $50,00?

About 5%
About 20%
About 50%
Zero

12

What is income tax?

money added to your loan
money deducted from your income
money deducted from your loan
money added to your income

13

Other 'smart money' tips:

shop around and compare prices
Avoid impulse purchases
all of the above
consider buying used items

14

What is sales tax?

tax on your income
tax on goods and services
tax on your loan
tax on a house

15

If you save / invest your money, you can earn interest on your money:

True
False

Advanced Financial Literacy Terms

Questions 15

Advanced Financial Literacy Terms

Questions 15