Grade 11 Financial Literacy

Question 1

Which of the following is NOT an advantage of buying a credit card:

Accepted Answer

You can spend as much money as you want

Question 2

The average Canadian who has a credit card balance owes around ____

Accepted Answer

$8,600

Question 3

The type of credit with (usually) NO minimum payment each month is:

Accepted Answer

Line of credit

Question 4

John and Marie need to replace their roof. They should pay for this using:

Accepted Answer

Line of credit

Question 5

Credit cards have no minimum monthly payments.

Accepted Answer

False

Question 6

When you take out a car loan, you must pay:

Accepted Answer

All of the above

Question 7

___ of Canadians say they DON’T pay their credit card balance off at the end of every month.

Accepted Answer

30%

Question 8

The type of credit with the HIGHEST interest rate is usually:

Accepted Answer

Credit card

Question 9

Your credit history is also known as your:

Accepted Answer

Credit score

Question 10

When financing a car, the loan term is:

Accepted Answer

The number of months it will take to pay off the car

Question 11

If you have more than one type of credit/loan, you should pay:

Accepted Answer

The minimum payments on ALL

Question 12

Of the following, what is the best way to pay for your tuition?

Accepted Answer

Student line of credit

Question 13

Canadians spend over _____ on their credit cards every year!

Accepted Answer

$3 billion

Question 14

Disadvantages of having a credit card include:

Accepted Answer

All of the above

Question 15

Never borrow more than ___% of your monthly net income.

Accepted Answer

10%

Questions 15