Which of the following is a good strategy for managing credit card debt?

Paying off the balance in full each month

to take money out from a bank account

a report card of your credit, pay bills on time equals a high score

Examples of Canadian banks are:

Royal Bank, BMO, TD Canada Trust, Scotia Bank, CIBC

a fixed amount of money paid for regular services

a person or financial institution that lends out money

Examples of credit cards are:

Visa, Mastercard, American Express, Capitol One

the cost of borrowing money, you end up paying back more than you borrowed

money given by a financial institution that you pay back, plus interest

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Financial Literacy

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Questions 16

Answers

1
Which of the following is a good strategy for managing credit card debt?
Ignoring the debt until you can afford to pay it
Paying off the balance in full each month
Using multiple credit cards to spread out the debt
Making only the minimum payment each month
2
withdrawal is:
to pay with your Mastercard
to pay with your Visa
to put money into a bank account
to take money out from a bank account
3
A dress costs $110, calculate the total cost of the bill including 10% tax:
$130
$121
$110
$120
4
What is the total cost of a bill of $55 with a 10% tip?
$60
$50
$65
$60.50
5
credit score:
a monthly bill you get in the mail
all of the above
a report to see how many credit cards you have
a report card of your credit, pay bills on time equals a high score
6
Examples of Canadian banks are:
Royal Bank, CityBank, BMO, TD Canada Trust, Bank of America
all of the above
Royal Bank, BMO, TD Canada Trust, Scotia Bank, CIBC
Wells Fargo, BMO, Bank of Nova Scotia
7
a salary is:
a fixed amount of money paid for regular services
all of the above
an allowance that you get from your parents
a percentage of the money received from a total paid to somebody
8
A lender is:
all of the above
a person or financial institution that does credit checks
a person or financial institution that holds workshops for financial advice
a person or financial institution that lends out money
9
How do you calculate a 25% discount of an item that costs $30?
25 x 25
0.30 x 25
30 x 0.25
30 x 25
10
If I'm adding a 10% tip to a bill of $55, the tip is:
$10
$5
$5.50
$7
11
A plan to save and spend money is a:
financial planner
day plan
budget
credit card
12
Examples of credit cards are:
Visa, Mastercard, McDonald's, Burger King
Visa, Mastercard, American Express, Capitol One
Visa, Mastercard, Starbucks, American Express
all of the above
13
interest is:
the cost of borrowing money, you end up paying back more than you borrowed
the cost of spending money, you end up paying back less that you borrowed
all of the above
the cost of lending money, you end up paying back less that you borrowed
14
credit is:
money given by a financial institution that you pay back, plus interest
money that you give to a financial institution
all of the above
money, money, money
15
Why is it important to learn about financial literacy?
all of the above
can help you avoid common financial mistakes
build a strong foundation for managing money
provides practical skills that you will use throughout your life
16
To put money into a bank account is a:
withdrawal
credit
debit
deposit

Financial Literacy Flashcards | StudBud