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GLC2O-Financial Literacy Flashcards | StudBud
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GLC2O-Financial Literacy
Which of these would be a WANT?
Which of these would be a NEED?
GLC2O-Financial Literacy
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Answers
1
Which of these would be a NEED?
Video games
Soda
A place of residence
Water
2
Which of these would be a WANT?
Groceries
Nintendo Switch
Wallpaper for your room
Internet service
3
Which of these is NOT taxed?
Company shares
Lottery winning
Salary
Property sale
4
What is a disadvantage of being paid in cash?
Not remembering who paid you
Not having enough money
Lacking in worker rights
Not getting to pay taxes
5
What are the two basic types of bank accounts?
Debit and credit
Debit and savings
Chequing and credit
Chequing and savings
6
How would proper, legal, salary be paid
Cash
Direct deposit
Cheques
In food
7
Which of the following doesn't count as income?
None of these
Inheritance
Salary
Business revenue
8
Which of the following savings plan is tax free?
Registered Retirement Savings Plan
Canada Pension Plan
Registered Education Savings Plan
Canada Emergency Response Benefit
9
Which is NOT a way to do banking?
On social media
ATM
Telephone
Online
10
What should be your last option for financial support?
Rent out a room
Selling property
Employment insurance
Loans
11
When do you have to get your taxes done by each year?
January 1
April 30
April 1
December 31
12
Why should you save money?
To have a cushion in case of loss of job
To brag to your friends
To save for a big purchase/spending
To save for emergency uses
13
What is one way to avoid debt?
Keep a list of your spending
Always put some money away in a savings account
Get your friends to help you
Buy nothing
14
Who do you pay income taxes to?
Provincial government
Federal government
Your employee
Your employer
15
Who pays for credit cards?
You
Your employer
The bank
Your government
