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Financial Literacy(NSCC) Flashcards | StudBud
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Financial Literacy(NSCC)
Financial Literacy(NSCC)
15 terms
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StudBud Administration
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19 plays
Quiz game for financial literacy presentation
Flashcards
15 cards
F
Practice quiz
P
Host live
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Questions
15
Answers
1
a conventional mortgage require mortgage default insurance
False
True
2
Financial Literacy is important
False
True
3
What does RESP stands for?
Registered Emergency Savings possibilities
Registered Emergency Savings Plan
Registered Education Savings Plan
4
"one month's worth of expenses is enough to create a financial safety net(emergency fund)"
False
True
5
what is the formula used to calculate compound interest?
A= N (1+ r/p)^pt
A= P (1+rt)
A= P (1+r/n)^nt
A= P (1+n/r)^rt
6
Credit scores play a huge role in your financial life.
True
False
7
RRSP and RESP are the same, just different names
False
True
8
what are the requirements to open a TFSA account?
Must be 18 years old and have a valid social insurance number
Must have a credit card and be at least 21 years old
must be at least 16 years old and have a valid social insurance number
18-68 years old and valid drivers license
9
what is the maximum amount of money you are allowed to contribute annually to a TFSA account?
CAD$9,000
CAD$5,500
CAD$6,000
There is no maximum amount.
10
What's the definition of Financial Literacy
Ability to understand and effectively use various financial skills
The act of allocating resources with the expectation of generating profit
The net surplus of funds for an individual after all expenses are paid
Commodity accepted by general consent as a medium of economic exchange
11
"In 2021, only 56% of workers were enrolled in a workplace retirement plan."
False
True
12
What does RRSP stands for?
Retirement Registered Savings Plan
Registered Retirement Savings Plan
Registered Remembering Savings Plan
13
What is compound interest?
The interest rate stays the same for the entire term.
monetary charge for the privilege of borrowing money
Interest on a loan calculated based on the initial principal & accumulated
14
Why is Financial Literacy Important?
All of the answers are correct
Boosts your chances of achieving your goals.
Gives you the power to negotiate.
Increases your confidence to make financial decisions.
15
what is one of the most widely used forms of loans?
Debit Cards
cheque
Credit Cards
