Money Sense 03

Which of the following is not a means of planting money?

• By saving money in a bank account

• By Investing money

• By keeping money in a purse

• By using money for a business

Which of the following is a bad loan?

• Taking a loan to buy a dress

• Taking a loan to buy a house (mortgage)

• Taking a loan to start a business

• Taking a loan to go to school (student loan)

Which of the following allows you to spend the money you do not have yet?

• Debit Card

• Credit Card

• Investments

• Savings

What are some of the benefits of saving early?

• Earning of interest

• So you don't spend money on unnecessary things

• So you can have money for the rainy day

• All of the above

How much will $1000 kept in a purse be after 2 years?

• $1000

• $1500

• $500

• $5000

If I have $2000 in my bank account and I withdraw $1000 with my debit card, what is the balance in my bank account?

• $2000

• $2500

• $1000

• $500

If I have $500 in my bank account and I deposit $1500, what will be the balance in my account?

• $1500

• $2000

• $2500

• $3000

The cost of borrowing money usually expressed as a percentage is

• Loan

• Debt

• Interest

• Expense

Which of the following is true about credit cards?

• It is free money

• Let you spend money one month but you need to pay it back the next month to avoid interest cost

• It is the best way to borrow money

• Charges low interest rate

Which of the following is not a currency?

• Canadian Dollar

• Cedis

• Don

• Yen