CALM 20 - Resource Choices Review

Define the following terms in order: __________ Things you must purchase in order to survive.

__________ Expenses change from month to month. Hard to plan for.

__________ Things you choose to spend your money on, but in theory they are items  you don’t really need.

__________ Items whose cost stays the same from one month to the next

• Needs, Variable, Wants, Fixed

• Needs, Wants, Variable, Fixed

• Fixed, Needs, Wants, Variable

• Wants, Variable, Fixed, Needs

Which of the following is an example of a fixed need?

• Monthly Electricity bill

• Spotify Premium Bill

• Rent

• Eating Out

What is a danger of confusing Needs and Wants?

• Individuals can reduce their debt and increase their savings.

• Individuals become accustomed to purchasing wants, even when too expensive.

• Individuals may need to change their banking institution.

• Who even wants to know their needs?

Should your pay be Directly Deposited into a Savings or a Chequing account?

• Savings

• Chequing

Which of the following would you not likely consider when opening a savings account?

• Associated Fees

• Interest Rates

• Tax deductions

• Accessibility

An employer must include all of the following information on your paystub except:

• Regular and Overtime Hours of Work

• Earnings Paid

• Deductions from Earnings and the Reason for each deduction

• Amount of Annual Taxes you Owe

What is the difference between Gross Pay and Net Pay?

• Gross Pay has had deductions added to it, increasing the pay.

• Gross Pay is money other than taxes being deducted.

• Net Pay is the result of deductions being taken away from Gross Pay.

• Net Pay is the amount of money that is deducted from a paystub.

Jabobs monthly gross pay is $900.00. After 25% income tax and 1.66% employment insurance deductions, what is his net monthly pay?

• $239.94

• $150.67

• $660.06

• $440.28

As of 2024, what percentage of an employee's wage is dedicated to Canada Pension Plan Contributions?

• %5.95

• %4.66

• %1.6

• %1.0

Which of the following institutions is an example of a Schedule 1 Bank?

• Tangerine Bank

• Royal Bank of Canada

• Servus Credit Union

• Toronto-Dominion Bank